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Do you need budget or debt assistance as inflation intensifies? A credit counselor will help you

A stack of credit cards.
Credit card stack.File Photo Photo/Getty Images

Inflation is driving up living costs, so you should do so It's surprising that the number of calls to credit counselors is increasing.

"The common theme is that people don't know what to do. Pandemics and work instability have made people available to different options. But I don't know how to proceed, "said Gursharon Singh, an experienced credit counseling expert and client experience manager at. Creditcanada.com.

"Or people are nervous about not only how to catch up, but how to stay ahead. They are inflation and what we see in the economy. I'm sure they need to do something different to get things ahead. "

Bills are rising and debt is rising. According to Shin, experts can provide some support, and credit counselors can assess an individual's budget, debt burden, future goals, and assign debt solutions.

This may include providing tips to help you manage your debt, optimize your credit status, and reach your overall goals.

Mr. Shin said consumers need to make sure that the organization they are in contact with is a non-profit organization (to the commercial organization, "individuals pay directly to creditors". Because it includes charges that may exceed the amount. "). A certified bond counselor should also be key, says Shin. "For Credit Canada, our credit counselors are accredited by an institution calledCanada's Certified Financial Counselor, so they must take an exam and are bound by a specific code of ethics. There is continuing education that they have to do to stay up to date. ”

From a planning perspective, it is also important to be given multiple options.

With the exit of the COVID-19 pandemic and the end of government subsidies implemented during the blockade, more and more credit counselors are being contacted.

"People were a little more relaxed about adopting solutions to their situation, even inquiries and conversations initiated with us, such as in our online chats. There was a lot of waiting time and some effect was seen, "she said.

  1. Canadian families are currently experiencing a perfect storm of related factors driving up the cost of oil and natural gas, in addition to federal carbon pricing/taxation policies.

    Opinion: The federal government needs to act responsibly for inflation

  2. Late last week, the rudderless Conservative Party of Canada put out a statement blaming Prime Minster Justin Trudeau for the “sky-high inflation” causing the high price of groceries and gas.

    40% of Canadian companies are skeptical of the future due to high inflation. Survey

  3. Elizabeth Leslie (right) and her friend Barb shop for angus beef at St. Lawrence Market on Wednesday.

    Tired of inflation: grocery shoppers adapt to punished prices

, an interesting trend is people who want to know what other support is available. In general, people are not ready to understand how to get out of their financial or financial situation ... they are just trying to figure out how to survive the current situation.

Singh recommends contacting your credit counselor to see the options available.

"If people aren't sure right now, it's time to reach out and you can do it without making any promises. I think it's a good idea to look for as much information as possible. I will, "she said.

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