Residents of Manitoba know the rising cost of living all too well, as is evident in the average amount of consumer debt that residents of the province are carrying. At $35,799, Statistics Canada reports that, in 2021, the average consumer debt in Manitoba remains lower than the rest of Canada.
There are still Manitoba residents that are struggling though. The Office of the Superintendent of Bankruptcy reported that between Sep 2021 and Sep. 2022 insolvencies increased 9.9%. An increase that large indicates that many residents are having difficulty living within their means, which can lead to long-term financial problems.
If you live in Manitoba and cannot pay your bills on time or are seeing your overall debt levels increase month after month, then credit counselling may be the answer you are looking for. A quality Manitoba credit counselling program can help you get out from under your debt and shore up your financial future at the same time.
What Is Credit Counselling?
A qualified program of credit counselling in Manitoba is designed to help you make real progress in paying off your debt and living within your means. Credit counsellors advocate for you with creditors and provide financial education at the same time, recommending Canadian debt settlement when it is in your best interest. Other credit counselling services include:
• working with your creditors to lower the interest rates on your debt so that you can pay it off faster and save money in the process
• advocating on your behalf with creditors with the aim of getting them to modify your monthly payments to make them more manageable
• teaching you how to set and live by a household budget
• personalized assistance to develop a debt repayment plan that will meet your unique needs
Advantages of Credit Counselling Services
Everyone gets into a little financial trouble every now and then, so you should not be afraid to consider credit counselling. In fact, when you enroll in a Manitoba credit counselling program, you can often:
• shave years off of the amount of time it takes you to pay off your debt
• avoid bankruptcy and other debt solutions that can adversely affect your credit for years to come
• pay less to service your debt when by creditors lower your interest rates
• get your financial life more organized through debt consolidation
• learn how to manage your money better and teach others to do the same
Credit Counselling in Manitoba
While credit counselling can help you get your financial house in order, other debt relief options often may offer an even more appropriate way to pay off your creditors. Fill out the debt relief application form for more information on credit counselling and other debt relief programs in Manitoba.
Looking for Credit Counselling resources available in your City: