Can Credit Counseling Help You With Your Money Trouble?

  • By Jillian Taylor-Mancusi

Can Credit Counseling Help You With Your Money Trouble?

Most of us experience money problems at one time or another. When money problems are ongoing, however, it’s important to get them under control before they lead to more serious problems, like excessive debt or bankruptcy. But where can you turn for help? Credit counselling may be the best solution to help you with your money trouble and enable you take control of your finances.

What is credit counselling?

Credit counselling is a service that provides people with the information and tools needed to manage their credit usage and personal finances. During credit counselling, the counselor will go over your finances with you and determine the source of your financial problems and the best course of action to help you get out of debt.

A few of the things credit counselling generally covers include:

  • Budgeting. Basic budgeting is crucial for successful financial management. Credit counselling can show you how to budget effectively, or how to rework your budget if you’re having trouble paying your bills.
  • Credit usage. It’s easy for credit to spiral out of control, especially if you don’t understand how interest compounds or how important it is to pay more than the minimum payment. Credit counselling can give you the tools you need to manage your credit wisely and avoid excessive debt.
  • Financial planning. Credit counsellors can also help you develop a financial plan that supports your goals. This could be debt reduction, retirement, or saving for your kids’ college funds.

Who benefits from credit counselling?

Credit counseling can be beneficial to anyone who would like professional financial advice. Anyone whose debt problems have become more than they can handle, is frequently worried about money and making ends meet, or is worried about how to handle an unexpected emergency may find credit counselling particularly helpful.

If your financial problems are the result of money management, credit counselling can also help you better understand what habits led to problems. This can help you avoid the same financial issues in the future.

Credit counseling is also useful for people who are considering bankruptcy. Often, people think their money problems are helpless and there is no other solution but bankruptcy. Credit counselling may be an alternative.

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Finding the best credit counselling service

The best place to start is by contacting a licensed insolvency trustee. A trustee actually wears many hats. In addition to preparing bankruptcies, they also provide credit counselling services. Trustees are some of the most highly trained financial experts in Canada. They are also licensed and regulated by the government.

If you’re worried a trustee will try and convince you to file bankruptcy, don’t be. By law, they are required to inform you of all your options, not just bankruptcy. If credit counseling isn’t the answer to your money problems, they can help you find a solution that is.

Credit counselling can be a helpful tool for anyone who wants to get their debt under control or improve their financial situation overall. A licensed trustee can help you find out if credit counselling is right for you.

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