Credit and Debt Management

Credit and debt management

There are options to help deal with debt, but the Financial Consumer Agency of Canada (FCAC) warns that some companies are misleading customers by offering to help pay off their debt or repair credit. A reputable financial professional can explain the available options. A first meeting with a financial professional is confidential, objective, and usually free.

Credit counsellors

If you are having trouble paying back your debt or keeping up with your payments, you may want to talk to a credit counsellor. Simply talking to them won't affect your credit score.

A credit counsellor can help with budgeting, basic credit counselling, options for negotiating with creditors, and creating debt management plans.

Finding a credit counselling agency

The Financial Consumer Agency of Canada (FCAC) offers some suggestions to help find a trustworthy credit counselling organization

• Both not-for-profit organizations and for-profit companies offer credit counselling services.
• Do your research to find a trustworthy organization and a qualified counsellor. Make sure you know what services they offer and how much they cost.
• Make sure that the agency is in good standing with a provincial or national association. These associations require members to maintain specific standards of practice.

You can find agencies through these associations:

• Credit Counselling Canada
• Canadian Association of Credit Counselling Services
• Ontario Association of Credit Counselling Services

Licensed insolvency trustees

Licensed Insolvency Trustees are federally regulated professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies. Learn more about these options and how to find a Licensed Insolvency Trustee from the Government of Canada.