Residents of Quebec experienced the second-highest rate of consumer debt growth in recent years. From January 2012 through January 2013, the average consumer debt in Quebec grew by nearly 9.5 percent.
Such growth indicates an increasing willingness of Quebec’s residents to rely on credit cards and consumer loans as well as a diminished ability to pay bills on time. These trends threaten the province’s long-term fiscal stability, and many residents are feeling the burden of their consumer debt quite strongly.
Fortunately, there are several ways that residents of Quebec can reduce their debt and make progress in paying off their creditors. Consumer credit counselling is one of the more popular options for Quebec residents who want to become debt free.
Consumer Credit Counselling in Quebec
With an average household consumer debt of just over $18,500 as of the second quarter of 2012, residents of Quebec have a strong incentive to pay off their creditors. Unlike other debt solutions such as bankruptcy, credit counselling is focused both on getting one’s debt paid off and on teaching consumers how to write and follow a livable budget.
This budgeting advice and instruction is key because it helps residents avoid getting into further debt in the future. In the present, however, Quebec credit counselling also takes steps to ensure that current debts are paid off. Counsellors achieve this by helping debtors find room in their budget to pay more toward their debt. They will also work with your creditors to help lower your interest rates and to get these lenders to agree to more manageable monthly payments. When credit counsellors are able to make these changes, residents find that they can pay off their consumer debt more quickly than if they just tackle their credit problems alone.
A Word about Quebec Credit Counselling and Debt Settlement
When it comes to credit counselling, Quebec residents should know that they can often benefit more from other debt programs than they can from credit counselling. A debt settlement program, for example, often achieves greater reductions in your total debt level than you can get from a credit counselling program. Thus, if your current level of indebtedness is quite high or you have no difficulty following a budget, debt settlement may be a better option to get you out of the current hole of debt in which you find yourself.
Is Credit Counselling Right for Me?
The only way to know whether credit counselling, debt settlement or more drastic options like a consumer proposal or bankruptcy is the best option, you should get more information on the different debt relief programs. Fill out the online debt relief form for more details on how each of these programs can help you.
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