Credit Counselling: What to Expect During Your First Session

By March 7, 2016Blog

This time of year is a hard one for many of us. The holidays are long gone, and all that remains is a fresh, new pile of debt. You may be feeling overwhelmed and in over your head. That’s very common, and the first thing you need to understand is that you’re not alone. In fact, nearly half of Canadians carry credit card debt.

One of the first and usually most desirable alternatives to bankruptcy is credit counselling. If you have decided it’s time to address your debt and make a solid plan for the future, credit counselling is a good place to start! Here are some things you can expect during a credit counselling session.

Credit Counsellors Need to Know EVERYTHING

To help you get out of debt, your credit counsellor needs to know all the nitty-gritty details of your finances. Come prepared with a complete list of ALL of your debts and assets, as well as bank and credit card statements for the last 12-24 months.

If we can pinpoint where things went off the rails, it may be a lot easier to figure out how to get back on track. Rest assured, everything you share as part of your credit counselling session is completely confidential. Credit counselling agencies are here to help.

You Will Learn a Lot About How Credit Works

It’s easy to get behind on your bills, and even easier to think of credit cards and lines of credit as the way out. The problem is that when you use the money you don’t have to pay bills, interest charges can quickly leave you even further behind.

Understanding how credit works, and more importantly, understanding the importance of living within your means, will help you for the rest of your life.

You Will Come Out with a Budget

Helping you get out of debt is only going halfway. If you don’t learn how to make and stick to a budget, you could end up in financial trouble all over again. That’s why you can expect to come out of the credit counselling experience with a budget that you can manage on your own.

The first step to fixing a problem with debt is admitting you can’t do it on your own. We urge you to call us today to arrange a free consultation for credit counselling in Kelowna. We will use professional and compassionate strategies to help you find your way out of debt.