If you find yourself staring at a pile of bills at the end of each month desperately trying to decide which you will pay and which you will put off until next month, you need financial help in Red Deer. Can you work through these tough times on your own? Where do you turn for help? Do you need professional advice and counsel?
There is much you can learn about financial difficulties and available debt help solutions by searching the Internet. However, nothing replaces the old-fashioned approach of sitting down, face-to-face, with a knowledgeable and trustworthy professional.
Even if you suspect you might be able to weather the storm by yourself, there is no reason not to get some professional advice. Almost all professional debt consultants offer free initial consultations and free financial help in Red Deer so it will not cost you a dime to talk to a few.
What’s more, most of them have the skills needed to assess your current financial condition. All debt solutions flow from the situation in which you find yourself. If you have a significant amount of unsecured debt and you have already reduced your monthly expenses to the bone, your available solutions will look different than they would if you owed only a moderate amount and had not yet established a personal budget.
Thousands and thousands of Canadians just like you are in financial trouble and there is no shortage of professionals out there willing to help them. Unfortunately, not all are reputable and not all are even well trained to offer advice. There are three categories of professional debt solution providers you can explore.
The first are credit-counseling agencies — either non-profit or for profit. A counselor will provide financial help in Red Deer and evaluate your situation and provide budgeting and credit use help if you request it. They have debt help solutions called debt management plans that will enable you to repay your unsecured credit in 3 years, depending on the total you owe.
After reviewing your financial picture, the counselor will determine a monthly payment you can afford to make directly to them. If the total amount over a 3-year period, less their fees and commissions, is enough to pay back all you owe at a reduced interest rate, they will contact your creditors to explain the plan.
The second are debt solution companies. These are for-profit companies and their debt settlement plans are appropriate for people whose total debt is too high to be paid off in the 3-year period typical of debt management plans. The central idea is the same – a single payment made directly to the debt solution company – but the debt consultant must negotiate a reduction in the total owed to match the total that will be collected over a 5-year period.
You should know that the government regulates neither credit counselors nor debt solution companies. There is a great deal of variation in the fees they charge. In addition, you have no guarantee that they have undergone professional training or education of any kind.
The third place you can turn for professional financial help in Red Deer is licensed bankruptcy trustees. They are regulated by the federal Office of the Superintendent of Bankruptcy (OSB) and are highly trained. What is more important, they are the only professionals out there who are fully knowledgeable about all debt help solutions, not just the ones they offer.
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