Debt and Credit Counselling

For more than 40 years banks have been strong supporters — providing both financial support and many hours of volunteer employee time — of not-for-profit credit counselling agencies and the good work that they do to help Canadians learn better money management skills. Supporting credit counselling is also part of the broader and on-going banking industry commitment to strengthening the financial literacy of all Canadians.  

Do you have debt problems? It’s likely you have a problem if:

• you can’t make your minimum monthly payments on your credit cards
• you need credit to pay for basic living expenses
• you aren’t sure how much you owe
• you always seem to be in debt and
• your financial problems are affecting your work or family life

If you are experiencing financial difficulties, there is help available.

How banks can help

If you think your debt is becoming unmanageable, talk to your bank. It’s important that you ask for help early before the situation gets worse. Your bank may be able to help you work through your financial problems by providing advice, debt counselling and flexible loan repayment arrangements such as loan consolidation or lengthening the term of the debt to reduce regular payments. They may also refer you to a not-for-profit credit counselling agency if they feel it would be helpful.

Credit counselling agencies

Credit counselling agencies provide a number of different services. For some clients, general money management education and counselling may be enough help. For others, the counsellor may talk with creditors to help them understand the client’s situation and make alternate arrangements for the client to repay the debt directly. For still others, a debt management program may be appropriate so that the counsellor can negotiate arrangements with creditors, provide ongoing counselling and channel the payments to creditors.

To learn more about how credit counselling agencies can help or to find a credit counselling agency near you, visit the websites of the two associations representing not-for-profit agencies in Canada:

• Credit Counselling Canada
• Ontario Association of Credit Counselling Services
• Canadian Association of Credit Counselling Services (CACCS)