Credit Counselling in Cambridge

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Credit Counselling is an alternative to filing bankruptcy, and is provided by non-profit credit counselors that are members of the Ontario Association of Credit Counselling Services.

Credit counseling involves two processes. First, the credit counsellor in Cambridge will meet with you to review your situation, help you with budgeting, and help educate you in the use of credit and your options.

Second, if your credit problems are so large that you can’t handle them on your own, they will work out a debt management plan with your creditors, where you pay the credit counselor and they distribute the money to your creditors.

Debt management plans require that your debts be repaid in full, so they are generally most appropriate for people with sufficient income to repay their debts in full.

If you can only repay a portion of your debt, a consumer proposal may be a better option. If your financial situation is more severe, a bankruptcy may be required.

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