While debt levels are rising across Canada, the average rate of financial delinquencies due to consumer debt remains relatively low in the Northwest Territories. Nevertheless, this is no reason to assume that it is wise to carry a large amount of consumer debt. Though one’s income may be secure today, other financial stresses could put you in a place where you will be unable to afford payments on your debt. Whether you have a large amount of consumer debt or just owe a little bit to your creditors, it is wise to develop a plan for paying off your debts. If you live in the Northwest Territories, consumer credit counselling can help you make real headway in getting out from under your debt load.
Credit Counselling in the Northwest Territories
Credit counselling in the Northwest Territories is a popular choice for dealing with consumer debt because of the way in which it helps consumers develop a plan to become debt free and stay that way. One of the biggest hindrances to paying off debt is a high average interest rate on your consumer debts. Credit counsellors are often able to negotiate with your creditors to get them to lower the interest rates they are charging, making it easier for consumers to pay more towards the principal that is owed and save money on interest over time.
However, when it comes to credit counselling, NWT residents should know that credit counsellors are not often able to do a better job at achieving principal balance reductions than what can be achieved with a qualified debt settlement plan. Residents often find that debt settlement programs save them more money over time than credit counselling. This is because debt settlement specialists are often able to get your principal balance reduced by up to 60%.
The goal of credit counselling is also to help consumers develop a plan that will enable them to stay debt free. This is achieved by helping people learn how to develop, write, and live by a budget. Consumers who find it difficult to live within their means can often benefit greatly from what they learn about household budgeting from a good credit counselling program.
Is Credit Counselling Right for Me?
Perhaps you are thinking about enrolling in a good credit counselling program but are unsure if it is the right choice for you. Credit counselling may be the best option if:
• your total consumer debt is not too high
• you do not know how to write and follow a budget
• your total average interest rate is relatively low
• you do not owe money to more than a handful of creditors
Find Out More
Debt relief programs are designed to help you take control of your finances and pay off your debts as quickly and as efficiently as possible. To find out which one can help you the most based on your specific situation, please fill out the online debt relief form.