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10 Ways to a Better Credit Score

If you’re curious about your credit score and how other financially savvy individuals are improving their financial position by following some straight-forward steps, we’ve written a free eBook. Download “10 ways to a Better Credit Score” and learn how you could improve your credit score by managing your debts better. Also, learn more about how Loans Geeks can help you. Download our eBook >

Credit Counselling in Canada

Credit Counselling can help you get back on track if you are going through a struggle to pay off your bills. At Loans Geeks we can connect you to top-rated credit counselling services in Canada that can either help you make a long-term plan how to get out of debt and permanently stay out of it, as well as the tools that you need to pay it off. Loans Geeks has partnered with experienced finance professionals, who will evaluate your current financial situation and help you restore your financial stability.

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When You Should Use Credit Counselling Services?

If you have problems with your credit, it can have long-term consequences as well. If you are often failing to pay your car payment, mortgage or credit card bills on time and on regular basis, your credit score will steadily and rapidly decline. Unless you take the appropriate measures to deal with this problem as soon as possible, these are some of the consequences that you may face:

  • You may lose your home
  • You may lose your car
  • You will not be able to obtain the loans in the future
  • You will not be able to obtain good credit cards
  • You may bankrupt

It is possible to financially recover from each and every of these situations, but it is a tedious and long process and you will need help. It is much better to prevent any of this occurring by getting your finances in order and keep them in check before the situation becomes serious. Loans Geeks will match you with the best and most reputable credit counselling services that will help you to achieve this.

Credit Counseling in Canada – How it Works

When you use Loans Geeks and get matched with credit counseling service of your choice, they will make in-depth analysis of your finances, evaluate your expenses and your income and come up with a long-term plan that you will use to both get out and stay out of debt. This often involves negotiating with your creditors to offer you lower interest rates, so you can get lower monthly payments at the expense of payment period. The Credit Counseling experts will determine the approach that will work in your best interest and provide you with the means so you can start with the outlined plan right away.

Credit Counseling in Canada – Advantages

With the help of Credit Counseling services provided via Loans Geeks, you will get an unbiased estimation of your financial situation and help in outlining the specific steps you need to take to get it back under control. As you work with Credit Counseling experts, you will get a new perspective and an action plan that will help you reach your financial goals. However, it is just a beginning of a long process. You will then need to put that plan into motion and stick to it for as long as it takes. You might also need to include debt consolidation or a debt settlement company in the process, so you could get the best outcome long-term speaking. You can use Loans Geeks to find the best debt settlement and debt consolidation deals as well.

Credit Counseling in Canada – Disadvantages

Credit Counseling company cannot reduce the debt principal amount that you need to pay, so by using Credit Counseling you might end up paying for a longer time than you would by using some other strategy. Credit Counseling services can in some cases make arrangements with your creditors so that they extend the period of time you will need until you pay off your debt, but also reduce the interest rate and lower your monthly due payments.

Another thing that you should consider when opting for a Credit Counseling service in Canada is that it will be reported as R7 on your credit report. This can have negative effects after if you are going to apply for some credit.

Credit Counseling in Canada – Is it the right solution for you?

If you are attempting to deal with debt to avoid bankruptcy, Credit Counseling is probably a good solution for you. However, if you opt for a debt settlement instead, it can reduce the total amount that you owe by 40%-60%, and you can be debt-free in a half the time sooner than you would with Credit Counseling. However every financial situation is unique, so you will need to explore all the options available to you, their pros and cons, before you settle for one.  It is also important that you opt for a reputable Consumer Credit Counseling service that will not add to your debt, but reduce it. If you apply through Loans Geeks, you will be matched with the offers from best Credit Counseling services in Canada available to your region.

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Credit Counseling services will not loan you money, but will offer you a debt repayment program if you have troubles to meet your monthly obligations and if you require assistance to make ends meet.  They will also get in touch with your creditors and will propose a new paying schedule that will be easier for you to handle. Through debt repayment program you will have an opportunity to get out of debt, while still having a reasonable budget to count on.

If you use Loans Geeks to get matched with a credit counseling agency, you can rest assured that we are connecting you with reputable credit consultants who will help you prepare your budget, give you advice how to better manage with your funds and even provide additional resources and workshops for you. When you setup an initial meeting, it will last for an hour at least and will be followed by additional sessions, if needed. The credit counseling service will go through your financial situation in detail and tailor a suitable plan accordingly.

All services provided by Credit Counseling providers are either no-cost or low cost. If there are any additional fees involved, they will be fully revealed to you before you receive the service.

It is best that you apply by using Loans Geeks. We will match you with the most fitting and reputable Credit Counseling service providers in Canada. You will get to choose from up to five of the top rated options available.

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