If you’re living in Newfoundland and Labrador and struggling to make ends meet, you’re not alone. Rising living costs, credit card debt, and unexpected expenses can push anyone into financial hardship.
Credit counselling offers a supported way to take back control of your finances with the help of trained professionals. Whether you’re overwhelmed by bills or simply looking for better money management tools, this article explains how credit counselling works and the ways it could help you to get your finances back on track.
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What is credit counselling?
Credit counselling is a service designed to help individuals and families who are struggling to make ends meet. It involves working with certified credit counsellors who assess your financial situation and provide personalized guidance.
The goal is to reduce debt, manage monthly bills, and help you develop better budgeting habits. Many services also provide educational tools so you can make informed financial decisions and avoid future debt problems.
How does credit counselling work?
The credit counselling process starts with a confidential assessment of your current financial situation. A trained counsellor will go over your income, expenses, and debts, and help you build a realistic budget.
If needed, they may recommend a formal debt solution – a plan to consolidate your payments into one monthly amount – but these services don’t just offer debt solutions, they provide financial education, helping you understand the root causes of your debt. The overall aim is to reduce financial stress and improve your long-term financial well-being.
Reduce your debt by up to 80%
- Licensed Insolvency Trustees
- In-person, phone or video
- 75 offices across Canada
How can credit counselling help if I can’t make ends meet?
If you’re facing financial problems and unable to cover basic expenses or keep up with debt payments, credit counselling can help.
Beyond giving you information on effective budgeting and saving strategies, counsellors can negotiate with creditors on your behalf in order to lower interest rates or waive fees on the debts you owe.
If your situation is serious enough, they might recommend a formal debt solution like a consumer proposal as the best way to get debt relief. They can help you set up this arrangement, which condenses your debts into manageable monthly payments and can help you write off up to 70 or 80% of your total debt.
Best credit counselling services of Newfoundland and Labrador
Several trusted agencies offer free financial counselling across the services of Newfoundland/Labrador. These non-profit organizations assist individuals and families facing debt by providing expert advice, budgeting support, and customized action plans.
Licensed Insolvency Trustees may also offer credit counselling as part of a broader range of services. Look for agencies with certified professionals and a solid reputation for helping people in the region.
Debt Solution Finder
Alternatives to working with a credit counsellor
While credit counselling can be helpful, it’s not the only way to address debt:
Consumer proposal
A legally binding agreement between you and your creditors to repay a portion of your debt through one affordable monthly payment.
Debt consolidation
Combines multiple debts into a single loan, often with a lower interest rate, making it easier to pay off what you owe.
Bankruptcy
A legal process in Canada for discharging most debts when no other options remain. It’s usually a last resort due to its long-term credit impact.
Is credit counselling right for me?
If you’re unsure whether credit counselling is the best step, start with a telephone consultation—it’s often free and completely confidential.
Whether you live in Corner Brook, Mount Pearl, or St. John’s, help is available. Once you contact a licensed credit counsellor, they can guide you through your options and recommend the best path forward based on your unique financial needs.
