Credit Counselling

Credit counselling services can be a great option to help those struggling with debt. A credit counsellor can help you gain control of your finances and avoid repeating the same financial problems over again and again.

If you are having difficulties keeping up with payments, your first step should be to take a close look at your current debt, income and assets.  A Licensed Insolvency Trustee (formerly known as a Bankruptcy Trustee) can help you review your present financial position and determine the best steps to help you with your debt.  

Credit card debt for example, is one of the most cited factors causing Canadians to seek Bankruptcy protection. If you’re hoping to avoid Bankruptcy, the sooner you seek help, the more options you’ll have available to you. Credit counselling from a Licensed Insolvency Trustee may help you avoid declaring Bankruptcy in Canada.

The Health of your Budget

The signs and symptoms of an unhealthy budget may alert you to necessary spending changes you can make before serious personal and financial consequences arise. Common indicators of troubled finances include:

  • Using credit cards for daily expenses
  • Using cash advances to pay bills
  • Bouncing cheques
  • Receiving shut-off notices from utility providers
  • Juggling bill payments
  • Carrying debt on multiple credit cards
  • Paying only minimum payments

If your budget is showing signs of financial strain, it may be beneficial to consider seeking credit counseling services from a Licensed Insolvency Trustee.

Credit counseling services may include the following:

  • Ways to decrease credit card debt
  • How to manage credit
  • Determining your debt to income ratio.

Budgeting Help

It is necessary to complete two mandatory credit counselling sessions if you have filed for Bankruptcy or a Consumer Proposal, as required by law. Why not explore options to avoid Bankruptcy while you have an opportunity to?

A Licensed Insolvency Trustee in your area can provide you with counseling services. If you decide that counseling is not sufficient, the Licensed Insolvency Trustee can assist you in completing the required paperwork for a Consumer Proposal or Bankruptcy filing.