Know Your Options

Drowning in debt and don’t know how to get rid of it? Lost your job, or had your wages cut due the global pandemic? You’re not a alone. Many people in debt have a hard time knowing the best way to take care of it. If you’re having trouble keeping up with debt payments, speaking with a nonprofit credit counsellor can help. A trained, accredited, nonprofit credit counsellor can review your debt situation.  They’ll  walk you through the best options for improving your finances. Unlike many services out there, a nonprofit credit counsellor works for you, not for profit.

Start with a Nonprofit Credit Counsellor

If you’re one of the millions of Canadians with mounting debts problems and more and more demands vying for your hard-earned dollars, you don’t have to go it alone. No debt situation is hopeless. With the right help, you too can break free of debt.

A nonprofit credit counsellor is the best place to start. Nonprofit credit counsellors have your best interest at heart. They help you understand all of your options, organize your credit accounts, and put together a household priority budget. They can even connect with you a variety of helpful community supports. Depending on your situation, a nonprofit credit counsellor can work with you to set up a doable debt repayment plan.  In fact, your plan will include terms that are more favourable than any you could achieve on your own.

Caring and Non-judgmental Support

As an impartial third party, a qualified nonprofit credit counsellor provides advice and tips to help you move forward.  Moreover, the advice you receive is tailored to your specific situation. Here’s how to decide whether you could benefit from working with one.

How Can I Find a Good Nonprofit Credit Counsellor?

To find a reputable nonprofit credit counsellor, look to members that are accredited by Credit Counseling Canada. The Financial Consumer Agency of Canada recommends and works with Credit Counselling Canada.  Better still, we maintain a directory of member organizations — all them nonprofits — that meet our high quality service standards.  Above all, our members offer unbiased, non-judgmental accredited credit counselling services for free, or at low cost to consumers.

Check out this article for more on this important subject.

What Can I Expect When I Meet with a Nonprofit Credit Counsellor?

Your first meeting with a nonprofit credit counsellor should last about an hour.  Whether the meeting is in person or on the phone,  It’s best to prepare for the meeting by gathering the basic facts about your finances.

After the meeting, the counsellor will typically provide a written report.  The report will contain details of your situation and any key advice. For your convenience, the report summarizes what you discussed and the next steps, which you likely discussed as well.

What Other Options Do I Have?

While there are other for profit motivated options out there, such as debt consolidation, bankruptcy or consumer proposal (another type of bankruptcy), you owe it to yourself to speak with an accredited, nonprofit credit counselling as your first best choice. A certified nonprofit credit counsellor will review all the available options with your best outcome in mind, recommending the best path forward for you and your family based on your individual situation.

To learn more about how we can help, speak with a counsellor in your area.

TD charges interest on interest for personal credit card customers

This week Global News’ Erica Alini reported that TD will start charging compound interest on all its branded personal credit cards.  In other words, TD will be charging interest on interest.

Click here to view the article to learn more.

Today, its more important than ever that credit consumers be cautious of the overall cost of borrowing. The overall cost not only impact your immediate but also your long term budget. And the real cost of purchases over time. For Canadians already facing difficulties managing their finances or having an unexpected change to their income levels, controlling credit card debt is a key priority.

If you or someone you know needs support or some friendly advice, contact one of our accredited and certified, not-for-profit/charitable credit counselling members.  Click here to find a credit counsellor near you.