Is Consumer Credit Counselling Right for Me?

Can credit counseling help you? Call 1-866-816-6547 and speak to a certified credit counsellor now to find out.

Or if you would like to see a local Counsellor in Alberta or Ontario, click on the province.

Who should go with Credit Counselling?

Consumer Credit Counselling may be the perfect solution for you.

Credit counselling is best suited if you need professional help to:

• Understand and manage your finances.
• Control your debts.
• Deal with your creditors.
• Repay your debts.

Credit counsellors are the people who can negotiate a Debt Management Plan for you. This is a great solution if:

• You have credit card and bank loan debts totalling under $5,000
• You have a limited number of creditors (no more than five)
• You don't qualify for a debt consolidation loan but still want to repay your debts
• You have a good income and can afford to make payments
• You are not earning quite enough to repay all of your debts in full with interest
• You can use help in negotiating with your creditors

When consumer credit counselling might not work?

Credit counselling and a Debt Management Plan will not be the correct solution for everyone. It will probably not be right for you if:

• You are unemployed or do not have a stable income
• You cannot afford to repay all of your debts in full within five years, even with interest relief

If you cannot afford to pay all of your debts in full, but still want to negotiate payment arrangements with your creditors, a consumer proposal may be a better option than consumer credit counselling, because with a consumer proposal it is possible to negotiate payments of less than 100 cents on the dollar.

For example, if you have $60,000 in credit card debts a debt management plan would cost approximately $1,000 per month for five years. If you can only afford $500 per month, a consumer proposal may be a better option. If you can't even afford that, personal bankruptcy may be required.

For information about consumer proposals or bankruptcy, please consult a local bankruptcy trustee.