How Does Credit Counseling Work?

If you are looking for debt relief, credit counseling may be what you need to succeed. However, it isn’t just those looking for credit card relief that may benefit from a credit counseling service. These days, anyone looking for advice on debt management or debt consolidation may benefit from talking to someone who is knowledgeable about debt and other financial matters.

Get Help Creating a Budget

Do you need help with managing your finances? If so, you may want to learn more about creating and sticking to a budget. Making a budget allows you to determine how much money you make and where it should be allocated each month. Ideally, your budget allows you to allocate money toward your bills first and then toward other items that you may want.

Get Help Navigating Your Student Loan Dilemma

If you are having trouble paying back your student loans or don’t understand what will happen if you don’t pay them back, a credit counselor can help you learn more about your options. Deferring your payments or asking for a forbearance can eliminate payments for months at a time or significantly reduce what you pay each month. Those who are already behind on their bills may learn more about how to negotiate with their lenders or even if they may be able to get some or all of their balances discharged in bankruptcy.

Get Help After a Bankruptcy

The first few months after a bankruptcy can be difficult for most people. Although your debts may be reorganized or discharged, you are left dealing with the drop in your credit score. A credit counselor may be able to recommend secured credit cards, housing loans for those who have recently gone through bankruptcy or other ways that you can get your financial life back on track. If you haven’t gone through bankruptcy yet, they can help you figure out ways to work with creditors to avoid having to pull the trigger on what should be a last resort measure.

Have You Served in the Military?

Military members may be able to take advantage of programs that teach them how to manage their money after coming home. Those who serve in the military tend to have a difficult time managing their money or understanding what benefits may be available to them. With help, they can make the most of their time in the service and transition smoothly back into civilian life.

No matter what your financial issues may be, a credit counseling service can help. Whether you need help budgeting, want to avoid bankruptcy or are having trouble keeping up with student loans, there is always someone available to teach you more about the choices available to you. Visit Credit Counselling Services of Atlantic Canada for additional information.

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