Are you trying to pay your credit card debt off? In that case, the services of a credit counseling agency can help you in getting debt relief by exploring all the possible options that you have. Know about some of the most important questions that you need to ask during credit counselling in Ontario.
Is your service non-profit?
First of all, you have to check whether the counselor is associated to a nonprofit credit counseling agency. Nonprofit credit counseling companies tend to charge lower fees, given that these agencies sustain on grants that are given by credit card companies. You can get the initial consultation completely free of cost, and also the fees for starting your debt management program would be lower. However, for-profit consumer credit counselling companies are associated with very effective solutions, which make them worth trying out.
How many payments before I get debt-free?
It is essential to set a timeline. The counselor has to be able to inform you how many months you would exactly have to be in the program for. Most debt management programs (DMP), on an average, go on for around 36 - 60 payments. You can be debt-free before 5 years have passed.
How much would by monthly payments be reduced by DMP?
Debt management programs, on an average, can reduce the total credit card payments of eligible consumers by as much as 30 - 50%. But your monthly payment amount would reduce based on your budget and debts. You have to find out about the exact amount that you are supposed to pay every month.
Read more articles about consumer credit counselling here at - https://www.123articleonline.com/articles/1183143/consider-these-advantages-of-debt-management-plans-for-secured-future
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