Understand how credit counseling works. How credit counseling can make paying off credit card debt easy, affordable and stress free.

Who needs credit counseling? We suggest anyone with over $10,000 of credit card debt, current with their payments but struggling to pay more than the minimums is a good candidate for counseling.

The credit counseling process. A credit counselor begins the process with some simple intake questions such as marital status, number of people in household and what the client’s goals are. Next, we pull their credit report. This is a soft pull; therefore, it will not affect their credit. Now, the counselor will review liabilities. This includes any mortgages, car loans, credit cards, student loans, personal loans or any other accounts showing a balance. Next, the counselor will confirm the balances and the monthly payment amounts with the client. In some cases, we may need to obtain the interest rates on accounts from the client over the phone.

Recommendations
One of the recommendations might be enrolling into a debt management plan. On this plan, the client usually receives lower interest rates and lower payments. As a matter of fact, last year, the average client had their total payment decrease from $915 to $694 on our program. That’s a 24% decrease payment for our average customer. They also saw their average interest rate fall from 23% down below 7%.

Credit Effect
A Debt Management Plan typically has a neutral effect on your credit. You might see your score initially go down because your accounts get closed. For people that are already maxed out on their cards, they probably don’t see much change in their score at the beginning since their score is already on the lower end. But over time, as long as payments are being made on time to all accounts and new accounts are not getting opened outside the program, you should see your score gradually increase. A recent study at DebtWave showed the average client’s scores increasing about 15 points per year.
But we don’t recommend focusing so much on your credit score as a good credit score will ultimately lead you to acquiring more debt. If you have a large amount of credit card debt, focus on paying it off and nothing else. Learn to live within your means! Spend less than you make. Become Debt Free and stay that way!

Debt Management vs. Debt Settlement
A Debt Management Plan often gets confused with Debt Settlement. These plans are very different so it’s important to know how they work. A Debt Settlement Plan requires you to starve your creditors of payments for months and months and sometimes years. This of course can ruin your credit. Once the accounts are severely delinquent, the creditors will settle for about 50% of what you owe. The debt settlement company will collect monthly payment from you but won’t disburse payments until you’ve saved about 50% of one of your debts. Not only do you need to be cautious of the credit effect, but you need to understand the tax implications as well. Whatever amount of debt is forgiven will be considered taxable income. So let’s say you have $10,000 of debt and you successfully reach a settlement for only $4,500. The $5,500 debt that was forgiven becomes taxable income. Expect to pay 20-25% to Uncle Sam, so around $1,200 will be due to the IRS. And you may get sued by creditors along the way. When you fall that far delinquent, some creditors may take action to try to garnish your wages. We would avoid this debt settlement program unless you absolutely cannot afford payments on your own or the payments on a debt management program.

What to expect after enrolling?
The enrollment process consists of you paying a start-up fee which is usually around $50-$99. That amount varies depending on the state you live in. Once the fee is paid, the credit counseling agency will then contact all your creditors by sending them what are called “proposals”. Most of these proposals are sent electronically but some creditors still live in the ice age and require these to be sent by mail or fax. Although, each creditor varies, most of them reply within a week with an “Accepted” or “Declined”. DebtWave usually has an 85-90% acceptance rate with the creditors. Now, when a creditor declines the initial proposal, most times it can be fixed. Some of the more common reasons for decline include the balance was incorrect and they want a slightly higher payment, the account number was incorrect, the name on the account doesn’t match or the account is already under a hardship plan. Regardless if the proposal has been accepted by your creditors, DebtWave will debit your payment and disburse the payment to your creditors. You have the option to make ACH payments weekly, bi-weekly, semi-monthly or monthly with DebtWave.

Who can beneifit from Credit Couunseling? We suggest anyone with over $10,000 of credit card debt, current with their payments but struggling to pay more than the minimums is a good candidate for counseling.

CREDIT COUNSELING SERVICES OF CANADA TORONTO MAY NOT GET YOU TO TALK

Ira Smith Trustee & Receiver Inc. – Brandon’s Blog
167 Applewood Crescent #6, Concord, ON L4K 4K7 (647) 799-3312

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A new Angus Reid Poll sheds some light on why people don’t want to talk about their need for credit counseling. Brandon’s Blog discusses the findings and suggests some solutions for people to get the financial help they need.

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More Information about credit counseling:

Toronto Non-Profit, Credit & Debt Counselling Services | Credit …
https://www.nomoredebts.org/canada/ontario/toronto/credit-counselling.html
Credit Counselling Society Serving Toronto, Ontario with Free Debt & Credit Help. … Canada’s Leading Non Profit Consumer Credit Counselling & Debt Solutions Service Provider. We are a non-profit service providing consumer debt and credit counselling services in Toronto.

Ontario Non-Profit, Credit & Debt Counselling Services | Credit …
https://www.nomoredebts.org/canada/ontario/credit-counselling.html
Credit Counselling Society Providing Free Debt and Credit Help to Ontario. … Canada’s Leading Non Profit Consumer Credit Counselling & Debt Solutions Service Provider. We are a non-profit consumer credit and debt counselling service providing debt solutions and help to Ontario.

Vaughan Non-Profit, Credit & Debt Counselling Services | Credit …
https://www.nomoredebts.org/canada/ontario/vaughan/credit-counselling.html
Credit Counselling Vaughan – We offer award winning, free consumer credit & debt counseling services. 97% of our clients recommend our service to others.

Credit Counselling Canada: Home
https://creditcounsellingcanada.ca/
Your best choice is not-for-profit credit counselling. Our members are. Accredited Agencies that you can trust. Learn More. Check your credit report regularly …

Getting help from a credit counsellor – Canada.ca
https://www.canada.ca/en/financial-consumer-agency/services/debt/debt-help.html
Jump t
Credit counseling – Wikipedia
https://en.wikipedia.org/wiki/Credit_counseling
Credit counseling is commonly a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of …
?Overview · ?Regulations by country · ?United States · ?European Union

National Foundation for Credit Counseling – Wikipedia
https://en.wikipedia.org/wiki/National_Foundation_for_Credit_Counseling
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the largest and longest serving nonprofit financial counseling organization in the …
Location?: ?Members serving all 50 states, Wash… Services?: ?Bankruptcy Counseling, Budget Cou…
Founded?: ?January 1951
?Services · ?Counselor Certification · ?Standards · ?Client Impact and Research

Debt consolidation – Wikipedia
https://en.wikipedia.org/wiki/Debt_consolidation
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many … Options available to overburdened debtors include credit counseling and personal bankruptcy. Other consumer options include: debt settlement …
?Overview · ?Process · ?Student loan consolidation · ?United Kingdom

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A short explanation of how the NFCC and non-profit credit counseling works.

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In this episode of the Break Free Podcast, host Ben dives into the crucial topic of using fee waivers to access free bankruptcy credit counseling. He explains what credit counseling is, why it’s mandatory, and how it can help you understand and manage your finances better. Ben also shares his personal experience with debt and the significance of exploring available resources such as fee waivers. He outlines the eligibility criteria and the process of applying for a fee waiver, emphasizing its potential to reduce financial stress during bankruptcy. Ben wraps up by encouraging listeners to utilize available tools and underscores the importance of overcoming shame in seeking financial aid. Future episodes will tackle related topics, including car payment strategies during bankruptcy.

00:00 Welcome to the Break Free Podcast
00:40 Introduction to Fee Waivers for Credit Counseling
01:36 Understanding Credit Counseling
03:02 The Cost and Importance of Fee Waivers
04:29 Personal Experiences and Lessons Learned
07:23 Eligibility and Application Process for Fee Waivers
10:26 The Value of Credit Counseling Courses
12:02 Conclusion and Next Steps

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Is there much of difference between consumer proposals and debt management plans through a credit counselling service? And is one better than the other? Well, yes, there are many important differences and which may work best will depend on your situation. Doug Hoyes, Licensed Insolvency Trustee, with Hoyes, Michalos, and Associates, explains when you should consider one or the other.

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Are you considering consumer credit counseling or debt management program in the new year to help manage your debt?

Here are some pros and cons for you to consider. Be especially cautious if you are planning on buying a home in 2024!

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What Are the Benefits of Debt Counseling? Debt counseling is a structured approach to managing and eliminating debt that can provide individuals with the support they need to regain financial stability. In this video, we will discuss how debt counseling works and the benefits it offers for those struggling with financial obligations. You’ll learn about the process of working with certified credit counselors who can help you create a personalized repayment plan tailored to your unique financial situation.

We will also cover how debt counseling can lead to lower interest rates and fees, making it easier to pay off debts more quickly. The video will highlight the convenience of consolidating multiple payments into one monthly payment, reducing stress and improving organization. Additionally, we will explore how debt counseling can positively impact your credit score and provide relief from aggressive creditor actions.

Join us as we break down the educational aspects of debt counseling, including budgeting and money management strategies that can help you avoid future debt issues. If you’re ready to take control of your finances and work towards a debt-free future, this video is for you. Don’t forget to subscribe to our channel for more helpful tips on financial management and debt relief!

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