Debt Relief - Credit Counselling Services and Debt Solutions Canada
When you’re looking for debt relief options, or debt help services, you can find some of the best solutions by asking a Canadian, non-profit credit counselling service for help. A credit and debt counsellor will review your circumstances with you and then provide you with guidance and options for your money and debt problems.
Find out more - jump to a section on this page:
- How does Credit Counselling Work
- Credit Counselling versus Debt Settlement
- Credit Card Debt Solutions & Counselling Services
How does Credit Counselling in Canada Work and What Debts are Accepted?
Credit counselling is a service provided by not-for-profit organizations as well as for-profit companies to help people manage their debt and money better.
Non-profit credit & debt counselling agencies accredited by the national association, Credit Counselling Canada, offer free credit and debt counselling appointments, budgeting assistance, financial education, free tools and resources, as well as low-cost debt repayment programs.
Click here to:
- Learn more about how credit counselling works
- Hear a Credit Counsellor at the Credit Counselling Society explain how a debt management program works
- Listen to a few clients share their debt relief stories with news journalists
Credit counselling programs provide alternatives to bankruptcy to help you deal with your unsecured debts, like credit cards, lines of credit, personal loans, overdrafts or payday loans.
Credit Counsellors can also help you create a realistic budget so that you can keep your secured loans and other debts on track, like your mortgage, car loan, student loan and utility or household bills.
What is the Difference Between Credit Counselling versus a Debt Settlement?
When you contact a credit counselling organization to find solutions for your debt problems, a non-profit organization accredited by Credit Counselling Canada will provide you with a full financial assessment before explaining the various options and solutions to help you deal with your debts.
There are many different debt solutions in Canada and financial counselling will help you determine which options may be right for your situation. One option to get debt relief might be offering your creditors a lump sum of money to settle your debts, another might be to enter into a debt management program.
If a debt settlement is a good option for you, your Credit Counsellor will explain how it works.
There are differences between how a non-profit credit and debt counselling agency does a debt settlement versus a for-profit debt settlement company.
Much of the difference revolves around how much of a fee you’re expected to pay and if your creditors will accept your settlement offer.
Before considering offering your creditors a debt settlement, find out more about debt settlement programs in Canada, including what you should watch out for.
Credit Card Debt Solutions & Counselling Services
Each year over 250,000 Canadian households contact a member agency of Credit Counselling Canada (CCC), for help with their debt and money management problems. Credit card debt is what a lot of people struggle with. Credit Counselling Canada sets the national standards for quality credit counselling, debt repayment / reduction services and financial education for monetary well being.
If you’re thinking of contacting a credit and debt counselling service, especially to deal with credit card debt, check the various links on this page to find out which questions to ask and what to look for with reviews.