Credit Counselling: What Happens and What You Should Know

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Do you constantly worry about debt and making payments for bills and to your creditors? Do you continually think about how you are going to make it on a monthly or paycheck-to-paycheck basis? If so, credit counselling may be a viable option for you to regain your financial freedom and feel good about where you stand financially moving forward.

insolvency means you gain a fresh financial start

The first step during credit counselling is to get a clear picture of your financial situation. After turning to us at Morgan & Partners Inc., we list your household income from all sources as well as your assets. Then, we go over your irregular and regular expenses to determine how much of your money needs to go towards repaying debt every month.

Second, we analyze your income, living expenses, and debts to determine what strategies should be used to reduce your total debt. For example, if your debts and expenses exceed your income, we may suggest reducing your living expenses, increasing your monthly income, or a combination of both.

Third and finally, we suggest additional solutions for eliminating or consolidating your debt. For instance, we may recommend a Debt Management Program (DMP) or submitting a consumer proposal to reduce the total amount of debt or interest you will owe to your creditors.

If you are ready to get started and make headway towards financial relief, contact us at Morgan & Partners Inc. today. With over 25 years of experience, we are committed to providing personalized solutions that benefit your situation now and in the future.