Handling finances is a skill that all of us want but some struggle with. It is a life skill. Debt is a slippery slope. When you have been in debt, the debt could begin increasing with time. Before you know it, it gets out of hand. Any misstep can have long term repercussions. You need an expert by your side who can educate you and guide you through it. The credit counsellors at York Credit Services provide credit counselling, which helps to do exactly that. You can read their reviews here: https://www.yelp.ca/biz/york-credit-services-toronto. Credit Counselling is a long process which will help you to consolidate your debt and move ahead in life. However, it is not something that takes place overnight. When undergoing credit counselling, you need to commit to the plan that has been created. Before making this decision, you need to make a promise to yourself to stick through it, no matter how hard it gets. Credit Counselling takes place in three phases and we are here to tell you about them.
Phase 1: Analysing the Comprehensive Financial Situation
The solution can’t be drawn till there is a comprehensive understanding of the problem. During the first step, the counsellors at York Credit services will work toward understanding the financial situation. The assessment will include the income, expenses, assets, debts and lifestyle you lead. In the assessment ensure that you disclose every detail and number to them. A financial assessment is crucial and should be detailed to the T. To provide you with a plan to handle the situation, the counsellor needs to have a complete understanding of how your life works. Based on the knowledge that they have gathered during this process, they will be able to draw up a customized debt solution. You might find yourself tempted to leave out specific details. This could be because you might feel embarrassed or simply uncomfortable. Assessing the financial situation might feel like an invasion of privacy and even lead you down a spiral. Disclosing this information will only help you to get a handle on the situation in the future.
Phase 2: Curating Debt Solutions
Now that the counsellors from York Credit Services have assessed your financial situation, they will help personalise options that will enable you to target your debt. These solutions are curated keeping in mind your lifestyle, income and debt. York Credit services experts have immense experience in handling debt. The solutions provided by them will help tackle the debt and also work towards improving the credit score.
Phase 3: Teaching Money Management Skills
Not knowing how to handle money is what lands us in debt in the first place. Even after coming out of debt, it is easy to find a way back to it. All this can be avoided by knowing how to handle financial matters well. To ensure that you get holistic solutions, the counsellors at York Credit Services will teach you skills that will help you manage money better.