A Debt Management Plan helps people to consolidate (combine) their unsecured debt into one payment; whereas a Debt Reduction Plan helps people to reduce the total amount of debt owed. The reduced debt can also be consolidated into one single payment. A Debt Reduction Plan is used when an individual is unable to repay the entirety of their unsecured debt.
What are the Steps to Consolidate Debt?
Call a Consumer Credit Counselling counsellor to help you through the steps to consolidate debt and become Debt Free today! The following are the various options available to pay off your debt sooner. Debt Consolidation Loan Your first step when looking at consolidating your debt is to contact your bank/credit union to apply for a loan consolidation. If your Credit …
How do you check your credit score?
All Canadian Consumers are able to obtain a copy of their Credit Report Online, by phone, by mail or in person at a select few locations in Canada.
How To Stop Debt Collectors from Calling?
Collection calls can be very intimating and scary. If you’ve fallen behind, missed, or forgotten to pay your bills, you may receive these kinds of phone calls. In many cases, collectors resort to harassment and misrepresentation in order to collect on the debt owing.
What is a Credit Score?
A Credit Score is a statistically derived number that lenders use to indicate your credit worthiness. Your Credit Score will be listed on your Credit Bureau Report from Equifax and Transunion and be anywhere from 300 (Very Poor) to 900 (Very Good).
Borrowing Against Your Home Equity
When someone is in need of funds for various reasons such as Debt Consolidation, Renovations, Travelling, etc.
COVID-19 and Our Core Values
With the understanding of how many people are struggling financially during this pandemic, Consumer Credit Counselling has been able to remain open to help clients with their finances.
How do you pay off your debt fast?
“How do I pay off debt fast?” This is one of the most common questions we get from clients. The answer? You probably can’t. Debt takes a while to get rid of, and that is OK. Through responsible management and a conscious effort it can be eliminated but it can take months if not years to do so.
How do changing interest rates affect my mortgage payments?
The Bank of Canada has increased the key interest rates twice this year so far. This in turn caused the commercial banks to increase their interest rates, which will cause consumer interest rates to be increased.
Will debt consolidation affect my credit score?
This is a very good question and one that we hear all the time. Debt Consolidation may increase your credit score, or it may lower it, depending on the status of your current financial situation and what option you use going forward.
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