What Can You Be Generally Asked During Credit Debt Counseling?

By Author: Daniel Stewart
Total Articles: 49
Comment this article

Credit debt counselling is a process that proves to be very assistive for individuals who have landed with huge credit card debt, and are looking for an effective and practical way to get out of the same. The process is likely to begin with some basic information asked by the counselor about your financial situation.
It includes:

Your debts

You also need to mention all the debts that you have incurred, which include auto loan, mortgage or other secured loans.

Your income

You have to give some basic information regarding the financial situation that you are in. Do not hide anything, as that is only going to complicate the process. Keep in mind that the counselor has to give you effective solutions and recommendations, make proper plans to help you get out a credit mess and also assist with writing consumer proposal in Ontario and more.

Monthly expenses

It is also important to make a full mention about all the expenses that you have to meet each month, such as subscriptions, entertainment, gas, groceries and more. Basically, all that is part of your budget must be informed to the counselor.

Current balances

You have to also mention the existing balances on all your credit cards, along with the Annual Percentage Rate (APR) that is there on every account.

Other obligations

This includes various other types of obligations, such as unpaid medical bills, payday loans and other things that consume a part of your budget. Informing all these can be very helpful for your counselor.

Author Resource:-

Daniel Stewart has been helping people with their debt settlement, credit card debt and debt relief Solutions with over 15 years’ experience in business finance. You can find his thoughts at financial debt advice blog. If you need consumer proposal in Ontario, visit this website.