Credit Counselling Waterloo
Access Mortgage is here to tell you that if you are struggling with a mountain if unsecured debt to numerous creditors and lenders, and you have been told that credit counselling, consumer proposal, or filing for bankruptcy is the only way out, THIS IS NOT TRUE. Don’t listen to the advice you have been given by professional representatives that are trying to push individual agendas for financial gain! Expert Mortgage has another way, and it involves repairing your credit instead of damaging it, like these other strategies will for up to 7 years. If you are considering credit counselling in Waterloo, Access Mortgage wants to hear from you first. Read on for more information about how Access Mortgage can help you become debt free without damaging your credit.
What is credit counselling?
Credit counselling is a thorough debt education and reduction process designed to provide comprehensive financial help to those who are trapped under their burden of consumer debt. Usually offered by non-profit organizations, credit counselling is often the route people take when they are struggling but can still manage to pay their bills. The credit counselling process can be quite a lengthy process depending on the amount of debt that you have and your counsellors’ ability to negotiate successfully with your creditors. Using a combination of budgeting and financial education, debt consolidation loans, negotiating with your creditors and other strategies, credit counselling aims not only to get you out of debt but also to give you tools to prevent you from getting too far into debt again.
What many professional representatives will avoid telling you is that when you sign up for credit counselling in Waterloo, a note is made on your credit history. This note brings to light that you are struggling financially to pay off debts, and that you have sought out professional assistance. Ultimately, this red flag on your credit history will end up damaging your score for many years into the future.
So how can Access Mortgage prevent this from happening? Let’s take a look:
A debt consolidation loan is a loan (usually from a bank) that lets you repay your debts to all your creditors at once. This means that you only have one monthly payment, often at a lower interest rate than you are paying now. This saves you money on interest fees and lets you pay off your loan faster. With debt consolidation, you essentially ask a creditor to loan you one big lump sum of money to pay off all those small debts. Your new big loan will be a much lower interest rate, saving you thousands of dollars over the next few years.
Refinancing is the process of replacing an existing loan with a new loan.
The new loan pays off the current debt, so that debt is not eliminated when you refinance. However, the new loan should have better terms or features that improve your finances. The details depend on the type of loan and your lender, but the process typically looks like this:
- You have an existing loan that you would like to improve in some way.
- You find a lender with better loan terms, and you apply for the new loan.
- The new loan pays off the existing debt completely.
- You make payments on the new loan until you pay it off or refinance.
These are the main financial strategies that Access Mortgage can assist you with. Choosing these strategies will allow you to repair your credit instead of damaging it further. Don’t just take the first advice that you get that is telling you to file for bankruptcy, credit counselling in Waterloo, or consumer proposal. THERE ARE OTHER WAYS!
For more information about credit counselling in Waterloo, and how Access Mortgage can steer you away from this harmful strategy, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.