Bankruptcy counseling vs. Credit counseling
It takes expenses and debt, no time to add up, and even before you know it, you find yourself at the brink of bankruptcy. While, at the time, bankruptcy seems like the only viable option, however, as each situation is different, filing for insolvency immediately may not be the ideal option. You have to pay fees with filing for bankruptcy while exploring your options with a debt counselor is usually free. So before you jump on the bankruptcy bandwagon, it is best to reach out to a credit counseling agency. The Government of Canada requires you to go through an insolvency...
When to consider a consumer proposal
Consumer proposals are government-backed unsecured debt settlements that you get into with your creditors. It serves as an excellent alternative to bankruptcy, as it saves your assets from liquidation. It also makes a recovery from debt possible and allows you to rebuild your credit. Consumer proposals are only helpful if you can make reduced payments and want to avoid bankruptcy. Some of the most commonly experienced advantages are listed below: It can reduce your unsecured debts by more than half. It will allow you to make reduced payments while enabling you to...
Financial Literacy and why is it important?
Financial Literacy, in simple terms, is the ability to understand the workings of money, how it is made, managed, invested, and how it can be used for both selfish or charitable purposes. Having in-depth financial Literacy can help you manage or make money, even while sleeping through profitable ventures that may not require your input, such as the stock and money market. To improve your understanding, you must get acquainted with financial literacy principles such as; budgeting, annulations, financial goals, contracts, and employment models. It is not enough to...
How debt consolidation can affect your credit
For someone who is struggling with paying their debt, debt consolidation serves as a good means to snowball balances on credit cards, medical debt and personal loans. When it comes to this, many people are concerned about how debt consolidation may affect their credit and want to learn more about the ways their debt can be consolidated that is not likely to affect their credit. For those who are exploring this option, you need to appreciate that consolidating credit cards might not be as fruitful is your credit scores are good. However if your credit score is good but...
Benefits of credit counseling
Credit counseling can serve as a good option for those who want to eliminate their debt and want to improve their financial situation. Credit counseling organizations help educate people on how to pay off their debts and avoid debts in the future. A designated counselor analysis your financial situation and evaluates debt reductions strategies for paying off your debts; while also educating you on money management. Credit counseling is designed to help consumers who are struggling with debt to control their financial lives better. But if you are unsure how it can benefit,...
What Is a Debt Management Plan?
Some forms of debt effectively build wealth and financial health, such as home loans and mortgages, but these bills can chip away at your financial freedom if not appropriately managed. If you find yourself juggling too many bills, then you might need an expert such as a credit counselor to get you back on track. Credit counseling organizations have the expertise to provide you with bespoke debt management plans (DMPs). These are solutions that can help those struggling with unsecured loans, such as credit card debts. A DMP may be effective in lower your interest rates...
We are dealing with debt and unemployment!
Suppose you are under debt and become unemployed, managing your financial situation is a lot more complex and adds to an already stressful situation. And even though you may not want to shatter your credit score by skipping payments, you will likely end up doing just that. Reaching out to your credit card company. The best way to find some grounding is by seeking your credit card company's help. This could prove helpful in either lowering your interest rates, reducing payments, or result in a temporary break from your payments. These options can be beneficial even...
How debt consolidation can affect your credit
For someone struggling with paying their debt, debt consolidation is a suitable means to snowball balances on credit cards, medical debt, and personal loans. However, when it comes to this, many people are concerned about how debt consolidation may affect their credit and want to learn more about how their debt can be consolidated, which is not likely to affect their credit. For those exploring this option, you need to appreciate that consolidating credit cards might not be as fruitful if your credit scores are good. However, if your credit score is good but your credit...
How to Deal With Debt Collectors
Do your debt collectors badly treat you? Finding yourself in a position where you are being harassed and getting calls from debt collectors at odd times; while at work or out with your friends? When you feel hopeless in a situation like this, remember you can always do something to improve things. So let's start with how you can deal with your debt collectors to prevent financial damage while ensuring financial stability in the future. It is never a good idea to ignore your debt collectors because they are not likely to disappear independently. They will go to all...
Top Tips from Credit Counsellors
Staying on top of your financial game is not an easy feat, and to help you strike that balance, we are sharing these expert tips from some of the top credit counselors. Some of the specific money-saving habits credit counselors engage in are pretty basic; choosing to utilize office utilities, rent DVDs and stop buying things at total price. The best thing to stay grounded in is to not get into agreements that you cannot pay. If the consolidated payment is still high, choosing it over your existing payment plan is no point. It is essential to choose a reliable...