What Is Credit Counselling?
If you feel like you need additional help in managing your finances and debt, credit counselling is a good choice for you. Credit counselling is actually a phone call with a licensed credit counsellor that takes anywhere from 20 minutes to an hour.
This is a free resource which not for profit financial educational organizations offer you and other consumers.
In the call, the counsellor will go through your consumer debt, credit reports, and budget with you. Their goal is to help you better your financial situation by offering you advice and feedback on improving your own unique situation. This could include providing you with resources and tools to assist you in regaining control over your finances.
They can do this through offering more specialized counselling such as credit and debt counselling, mortgage counselling, student loan counselling, and other types of help.
One thing that credit counselling does not automatically include is a debt management plan. Debt management assists you in becoming free from debt quicker through reducing your interest rates and coming up with a repayment schedule.
A DMP would negatively impact your credit reports and score significantly.
This is why such a solution should only be offered as a matter of last resort. You should be wary of any credit counsellors who suggest that a debt management plan is your best and only choice.
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