What is Credit Counselling and How Can It Help?

January 27, 2014

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One of the sad facts of life is that very few people are actually taught how to manage their finances. Worse, many people think of money as being a private matter and won’t discuss it even when they know they need help. Small wonder then, that so many of us find ourselves struggling financially. But it doesn’t have to be that way.

Credit counselling can not only help you get out of a financial tight spot, it can also put you on the road toward true financial health. A good credit counsellor can:

  • Offer one-on-one counselling to teach you how to set up and maintain a budget
  • Help you learn to use credit wisely
  • Show you how to improve your credit rating
  • Assist you with a debt management program

If you decide to seek credit counselling help, remember that not all credit counsellors are created equally. Be sure to do your homework before you sign a contract or agreement with an agency, and keep these points in mind:

  • Despite their claims, no credit counsellor can “repair” or “fix” your credit rating (the only way to improve your rating is by paying back your debts and proving to your creditors that you can manage your finances).
  • Pay attention to an agency’s advertising. If it sounds too good to be true, it probably is.
  • While credit counsellors are not required by law to have any specialized training, certain associations set specific standards for their members (such as Doyle Salewski). To find a reputable agency, check with associations such as Canadian Association of Insolvency & Restructuring ProfessionalsCredit Counselling Canada, or Canadian Association of Credit Counselling Services.

At Doyle Salewski, we require all our credit counsellors to be fully accredited by the Canadian Association of Insolvency and Restructuring Professionals.  For more information about credit counselling or to find out how it can help you, call us today to schedule a free, no obligation consultation: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online.

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