Credit Canada

March 24, 1997 - Bankruptcy is not the only solution to debt problems. Last week Industry Canada reported that nearly 80,000 consumers claimed bankruptcy in 1996. That is up 22% from 1995 which, in turn, was up 20% from 1994. 

But what many Canadians may not know is that there is an alternative to bankruptcy and a valuable source of information and assistance available to help them avoid going bankrupt and even help them stay out of money problems to begin with. 

The Credit Counselling Service of Metropolitan Toronto is a non-profit charitable organization which has been helping Metro residents with money management and debt problems for 30 years. 

Last year we helped over 11,000 Metro residents with money problems, said Duke Stregger today at the agency's annual meeting. During 1996, we provided free first-time counselling sessions to nearly 4,000 clients. We also talked to over 7,000 people who needed advice and account updates. Over 1,200 new debt management programs for clients dealing with serious financial concerns were set up. "The number of incoming telephone calls we received hit 150,000 up 25% from the previous year", Mr. Stregger said. 

One of our greatest achievements is the growth and development of our education department which reached over 7,000 people through seminars, presentations and workshops. The best way to avoid bankruptcy is to learn how to handle your money well. 

One of the major problems with bankruptcy is recidivism. "Repeat bankruptcy is very common because through a bankruptcy people often do not learn how to budget and manage their money", said Laurie Campbell, the agency's Program Manager.

Credit Counselling provides education and counselling on personal budgeting, the wise use of credit and planned debt liquidation. 
"Our employees are working to help people with the continuing depressed economic environment, the disappearing stigma regarding over-indebtedness and the threat of bankruptcy", said Credit Counselling Services of Metropolitan Toronto President, Pran Bahl. In a recent survey, our clients were asked what they thought of our service. The responses were overwhelmingly positive and clearly show how much we help improve people's lives. 

One common response was the desire to have known about the agency sooner than they did. 

"There was a lot of information available that I was unaware of ..I wish I'd known about the service sooner", wrote one client. "I might have saved myself a lot of worrying and money". 

That is one of the reasons why we held this press conference today to ask for assistance in letting people know that we are here ready to help and that claiming bankruptcy is not the only answer. 

CCS of MT is affiliated with 25 other similar agencies across Ontario through its membership in the Ontario Association of Credit Counselling Services. We are also affiliated with the U.S. based National Foundation for Consumer Credit. 

During our long history in Metro Toronto, we have disbursed approximately $70 million for our clients and more importantly, helped over 80,000 individuals and families through difficult economic times.