If you’re drowning in debt, you no doubt would like a lifeline. A debt counsellor can provide strategies that serve as that much-wanted lifeline, but speaking with one may seem like the last thing you want to do.
However, their job isn’t to judge you. Much like a marriage counsellor or a therapist, a debt counsellor is there to help you get out from the dumps (in a financial sense of course) – they’re rooting for you.
If you find that your financial troubles are getting uncontrollable, it might be worth your while to see a debt counsellor. The experience may surprise you for the better.
How Debt Counselling Factors Into Your Financial Health
The ultimate goal of a debt counsellor is to help you flesh out a plan to eliminate your debt. It’s as simple as that. Of course, that’s just the surface and that their services cover a lot more than just “talking” to you about debt.
They all differ in terms of their approach and services, but nevertheless, all debt counsellors offer solutions you wouldn’t have thought of on your own. It all goes back to the metaphor of the trees and the forest.
For those of us who aren’t the most financially literate, we often overlook simple tips to overcome our financial issues – we can’t see the forest for the trees. A debt counsellor, on the other hand, can see the “trees”, the means and ways of getting out of a tricky financial situation.
Common Debt Counsellor Services
- “Troubleshooting” of your financial situation
- Budgeting assistance and recommendations
- Review of debt reduction options and strategies
- Arranging payments with creditors to make debt repayment easier
- Arranging support from third party sources
- Bankruptcy and consumer proposal counselling
- Ongoing financial literacy education
- And more…
Again, it’s important to emphasize that not all debt counsellors will offer the exact same services – some will offer more or less than what’s in this list. But what’s certain is that they will guide you on your journey to less debt without bias and judgement.
Debt counsellors will work with you on a continuing basis, acting as your coach and point of contact for other parties who deal with you financially. They work like this to keep unneeded burdens off of your back, allowing you to focus on the more important task of paying your debts down. And they’re also there to help you set debt reduction goals, and see to it that you meet them at appropriate times.
Is Debt Counselling For You?
Ultimately, the million dollar question here is whether debt counselling is for you or not. No one can make that decision for you, but if you’re dealing with certain financial challenges then you can definitely benefit from one.
Signs You Can Benefit From a Debt Counsellor
- Always worried about money – This one is a no-brainer. If money troubles keep you up at night or your health suffers because of debt-related anxiety, then you should give debt counselling a thought.
- Always need to borrow money – Another sign that you may need debt counselling is always needing to borrow money. Contrary to common belief, borrowing money is not “just the way it goes” – it’s a sign of financial trouble.
- Over-reliance on credit cards/lines – It’s true also that many people live on credit, but this too is a sign of unmanaged debt problems. If you find yourself in this boat, it’s time to book a consultation with a debt counsellor to learn about how you can bring those credit balances down.
- Frequent calls from creditors/lenders – Constant phone calls from creditors serves as a red flag that you’re debts are seriously out of hand. And the constant calls from the unknown numbers brings undue anxiety. If this is a problem for you, then you should consider a debt counsellor sooner than later.
- Difficulty making ends meet – Now this is one tricky. You may not have overwhelming debt, but you may still find it difficult to stick to your budget. Whether you feel unable to save or that you just don’t make enough money, then speaking with a debt counsellor can help you unlock some hidden pools of money.
Take the Plunge – You May Finally Stay Afloat
Approaching a debt counsellor can feel intimidating. However, you may feel a huge sense of relief after speaking with one since their goal is to help you manage debt, and they do so without any judgements. The more willing you are to confront your financial woes, the more they can help you.
So don’t hesitate to seek debt counselling advice if you find your balances and loan payments unmanageable. They can help you keep your head above the water so-to-speak when it seems like you’re drowning.