Getting in Control of Your Debt
Your credit
You’ll walk away from the financial assessment feeling a sense of control. You’ll know what the problem is, and you’ll know how to fix it. You’ll even know when you’ll be debt-free – and you’ll finally be able to believe it’s
Step Two: Debt Solutions
Every debt solution is different. That's one reason why we don’t recommend tackling debt on your own. Without experience, it’s very difficult to know where to start.
Get a Fair Evaluation of Your Debt Management Options
Our counsellors will help determine whether your best first step is enrolling into a Debt Consolidation Program, paying off a few of your smaller debts, negotiating with your creditors, or something else entirely, such as:
- Applying for a consolidation loan at your bank so you pay your bank one monthly payment with a fixed interest rate for all your existing debts.
- Creating a budget that actually accommodates your monthly bills, instead of letting them pile up.
- Filing a consumer proposal to pay off your debts through a trustee with affordable monthly payments over a maximum of 5 years.
- Borrowing from home equity (such as a mortgage or secured line of credit) to pay off your debts.
- Filing for bankruptcy, which is a last resort, but might be the best solution for you depending on your current financial situation.
Learn the Basics of Money Management
Your credit counsellor will explain their best recommendations for you, given your financial situation, and you’ll know all the reasons why each solution could work. Your counsellor will also answer any questions regarding any of your options, so you can make an informed decision about what you’d like to do next.
Once you feel you’ve regained control over your most immediate and pressing financial problems, your credit counsellor will help you learn the basics of sound money management, which helps you continue on the path towards financial freedom – and gives you a solid foundation to avoid debt in the future.
Check out our free debt calculator in the meantime...
Step Three: Money Management
Our credit counsellors are here to help make sure that what led you to debt problems never becomes an issue again. They’re here to teach you money management skills that will help you for a lifetime.
Get Back on Track to a Better Life
Some people get into debt problems for reasons that are utterly beyond their control. For the most part, the cause of serious debt issues is simply that people aren't given the right tools for smart money management.
Most people have never been taught how to create and stick to a budget. Very few have been taught why and how to build savings or create a safety net. And almost no one has actually calculated the true cost of owning and using a credit card when you intend to carry a balance.
Start Enjoying the Debt-Free Life
Your credit counsellor will assist you in creating a household budget that works for you, your family, and your income, including setting aside money for your debts and for your future. We’ll talk about your goals in life, as well as your priorities for the future, and we’ll show you how your current income can support those goals with a little planning and forethought.
You’ll also learn how to encourage yourself to keep moving forward, even when it’s difficult. There's immense reward for doing so, and we’ll help you keep your eye on the prize so you can enjoy a debt-free, fulfilling life.
