The economic pressures of modern life are squeezing even the most carefully planned budgets, as is evident in the growing levels of consumer debt throughout Canada. New Brunswick has not been immune to these trends. In fact, there are significant reasons for alarm in this province because of recent increases in consumer debt levels.
It is true that New Brunswick residents continue to shoulder an average total consumer debt load that is lower than the average debt load of all Canadian residents. However, New Brunswick residents have also been adding to their debt loads at a faster rate than the rest of Canada. From 2012–2013, the average increase in consumer debt for Canadian residents was $1,500. In New Brunswick, however, the increase was $2,000.
If you find yourself with a debt load that is growing or otherwise unmanageable, you need to act now to prevent long-term financial problems and credit damage. Fortunately, you have several options to help you solve your debt crisis, and one of the most popular of these is credit counselling.
New Brunswick Credit Counselling Explained
Credit Counselling deals with your consumer debt by helping you both to pay your creditors and to give you the tools you need to avoid running into debt problems again in the future. Credit counselling in New Brunswick is a fairly comprehensive approach to help you develop long-term financial security, and it differs from solutions such as bankruptcy that tend to deal more with the immediate problem without helping you learn to use credit more wisely.
New Brunswick Credit Counselling Services
When it comes to credit counselling, New Brunswick residents have several different counselling strategies to choose from. Although specific services differ from counsellor to counsellor, most New Brunswick programs for credit counselling include:
• one-on-one budgeting and debt guidance with a trained financial counsellor
• advocacy with creditors to lower your total average interest rate
• efforts to reduce or eliminate late fees charged by your creditors
• debt consolidation recommendations for lower payments and convenience in paying your creditors
Choosing a Credit Counselling Provider
If you think that credit counselling is right for you, there are a few things you should keep in mind when choosing a provider:
• Beware of offers to erase your debt completely, as such is not usually possible.
• Look for credit counsellors that are members of Credit Counselling Canada or the Canadian Association of Credit Counselling Services.
• Ask friends and family for recommendations of quality credit counsellors.
Debt Settlement: A Better Alternative?
Although credit counselling has helped many people get their financial house in order, it may be better to choose debt settlement because this process often achieves greater reductions in your debt load. Fill out the debt relief form on this page for more information on New Brunswick debt relief services and find the best one for you.
Credit Counselling help available in: