What many people don’t realize is that not everyone is equipped with the knowledge and discipline to get out of debt by themselves. For these people, they need someone who can guide them and show them the way to financial freedom. Talking to an experienced credit counselor in Oshawa is one way to get this kind of help.
There are many ways that an experienced credit counselor can help you with. These can include:
- Taking a close look at your income and spending, and helping you determine where your money is spent each month.
- Helping you identify opportunities to cut costs and save more of what you earn.
- Creating a monthly budget to categorize and set limits for all of your expenses.
- Creating an action plan to help you stick to the budget so you can regain financial stability as soon as possible.
- Helping you determine how much you owe, how much you’re paying in interest, and finding out where you stand with your creditors.
- Recommending that you enroll in a debt management plan or a debt consolidation service to combine your debt into one lower monthly payment.
- Providing tips about how to manage your credit in the future.
Teaming up with the right counselor is critical to your success. So, here are some tips to help you choose a trustworthy credit counselor so you can stay away from the less reputable individuals whose only aim is to profit at your expense.
Check the qualifications
In Canada, all credit counselors should have the following requirements at the very least:
- Complete both the AFCC and Insolvency Counsellor's Qualification Course (ICQC) in order to obtain Certified Credit Counsellor designation granted exclusively by the Ontario Association of Credit Counselling Services
- Fulfill an extensive work experience requirement, including counselling experience and consumer financial industry experience
- Provide satisfactory references
- Agree to comply with the code of ethics specific to certified credit counselors
- Accredited counselors are obliged to fulfill continuing education to keep current with developments in the financial counselling industry.
Choosing a certified professional will give some assurance that you are working with someone who has sufficient training and a vast experience in this field.
Don’t overlook the red flags
Credit counselors with a good reputation share these common qualities:
- Will never ask you to pay any upfront fees before providing you with any service
- Will always offer a free initial visit or consultation
- Will provide you with very detailed company information and staff credentials
- Will not refuse to offer their services even when you are unable to pay
- Will not offer you any guarantee that they can negotiate deals to reduce debt amounts
- Will not force you to enroll in a debt management program
- Will explain to you all debt relief options available to you
- Will not hesitate to provide in-person meetings, even though virtual sessions via online chat, Skype or telephone are readily available
It is highly recommended that you meet with potential credit counselors in-person so you can look them in the eye and talk to them face to face so you can determine whether or not they really have your best interest at heart.
Having financial problems can make you very vulnerable and stressed and unable to make sensible decisions. Make sure you are on your right mind when you are contacting a credit counselor in Oshawa for help so you can be sure that any prospect has the credibility, expertise and reliability to help people become debt free.
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