When you are in a credit card debt problem, you may either opt for consumer proposal in Ontario or credit-card debt counseling services. The one that you choose will of course depend on the type of financial situation that you are in, the type of requirement that you have etc. A Consumer Proposal refers to a debt settlement agreement that is legally binding. Credit Counseling includes a voluntary repayment program known as the Debt Management Plan, which is a consolidation program that is organized via a non-profit credit counselor. In order to be eligible, you need to be capable of affording full debt repayments in 5 years. Know about some of the major credit-card debt counseling services.
General budgeting
A counselor makes an overview of the financial situation you are in, including your financial objectives, expenses and income. Once the session ends, you can decide whether additional counseling is needed.
Debt management plan
A plan is created to consolidate all your consumer debts and reduce the rate of interest, as well as set up a monthly payment plan to eliminate debt over a 3 – 5 year period.
Bankruptcy counseling
The bankruptcy process is supported by two financial education sessions – a) before filing and b) before discharging of debts.
Student loan counseling
Credit card debt counselling experts discuss repayment options. Discussions with your creditors can be facilitated by these specialists.
Housing counseling
Various counseling options are there to assist you in understanding housing costs better, and managing them in a proper way.
Read more articles about credit counselling in Ontario here at - https://topsitenet.com/article/288102-services-of-consumer-credit-assistance-and-credit-counselling/
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