Credit Card Debt Advice

5 reasons a trained credit counsellor is the best resource when you’re in debt.

Seeking out good financial advice can be tricky. You have to find someone you trust who understands your situation and can speak to practical solutions that will actually help you get out of debt. But how do you know that the expert you’re talking to is looking out for your best interests instead of upselling you on whatever financial product or service that they’re supposed to sell?

The information below explains why a trained credit counsellor is the best source of unbiased, impartial credit card debt advice when you’re facing challenges from high-interest debt payments. If you’re facing challenges with debt and you need some advice on your best path back to stability, we can help. Call Consolidated Credit today to speak confidentially with a trained credit counsellor at no charge and with no obligation.

Reason No. 1: Trained to provide consumer credit card debt advice

First and foremost, credit counsellors are trained to provide expert advice to consumers facing challenges with credit card debt. They’re versed in the full range of solutions available to solve problems with high-interest credit card debt, so they know the benefits and risks involved with each path out of debt that you can take.

By working with a trained professional, you can have the peace of mind that you’re not just talking to a customer service rep or salesperson who’s trying to push into using a particular product or service that they want to sell you. The consultation with a credit counsellor isn’t following a script or a set of talking points – it’s the two of you working one on one to assess your situation and find the best solution for you needs.

Reason No. 2: Impartiality is the way to go

The next advantage of working with a trained credit counsellor is the fact that the advice they give is impartial. Although credit counsellors can enroll you in a debt management program, they’re also required to review ALL of the options available to you so you can choose the best solution for your needs.

This is unique, because it’s rare that you consult with an expert who at the end of the conversation may direct you somewhere else to get the help you need. If a debt management program is not the most effective solution for your unique financial situation then the credit counsellor will find the solution that is.

Reason No. 3: They’re not profiting off your situation

Credit counselling agencies like Consolidated Credit are not for-profit corporations. They’re nonprofit organizations dedicated to providing assistance to consumers who are struggling with debt. Credit counselling agencies don’t even get funded through consumers. They’re funded through grants from credit card issuers and financial institutions that support the efforts of credit counsellors who help their customers get out of debt.

Even the fees people pay when they enroll in a debt management program and not used to fund the company – they’re only there to handle the administration costs of running the program on behalf of the borrower. The fees are set based on how much debt you owe and the limitations of your budget. This is the main reason you know that the advice you get from a credit counsellor is impartial is because even the fees they receive from a debt management program are not for profit. So there’s no reason for them to sell you on the program if there’s a better solution out there for your needs.

Reason No. 4: The advice is free

The last thing you need when you’re facing debt problems is another bill, but a consultation with a trained public accountant or financial planner may cost you a flat hourly rate, even if they don’t end up providing any service beyond the basic consultation. By contrast the initial consultation with a trained credit counsellor is provided free of charge.

This means you can get a full-scale budget analysis and debt review from a trained professional so you can see what they think are the best options for debt relief in your situation. They can even check your credit report to see what your credit profile looks like, which can affect the solutions available to you. It’s basically the only way to get a financial assessment for no charge and with no obligation to sign up for anything.

Reason No. 5: If you need to enroll, the relief is immediate

In some – not all – cases, the best solution to a credit card debt problem is often a debt management program because it allows the borrower to consolidate their debt through the credit counselling agency so they can negotiate interest rate reduction and penalty removal with the creditors. Since these agencies have established relationships with credit issuers, they’re often able to negotiate more effectively than if the borrower tried to negotiate on their own. Additionally, this debt solution is not dependent on having a high credit score, so it’s more accessible to people who often have credit problems due to their challenges with debt.

If it turns out at the end that a debt management program is your best option, then your credit counsellor can assist you immediately in the enrollment process. That means you start feeling relief today, rather than waiting around hoping the solution you picked on your own actually works.