In the process of re-establishing your credit, the Counsellor will eliminate or reduce all the interest that is usually charged on the accounts.David Low - Senior Credit Counsellor
Re-establishing credit is an important part of getting out of debt. A Government Licensed Credit Counsellor will establish how much money you have every month to put towards debt. They will then consolidate all the debt into one payment. The Credit Counsellor will be paying your creditors monthly and they will do it in a consistent manner, which builds your credit score.
The Credit Counsellor will also have applications for a Secured Visa Credit Card. You will then make sure that card is paid off each month. This re-establishes your credit rating.
Once the Credit Counsellor has eliminated all your debt, in about 4 years, you will receive an official letter which can be forwarded to the two credit bureaus, which is used to establish a good rating.
In the process of re-establishing your credit, the Counsellor will eliminate or reduce all the interest that is usually charged on the accounts. This usually saves thousands of dollars as some debt is meant to last up to 30 years. The Counsellor will reduce your monthly commitments so you save money monthly as well as saving you thousands of dollars in interest charges.
Once your Debt Consolidation Program is completed, the Counsellor will suggest ways that you should pay yourself first from then on. This should eliminate any need to ever borrow money for such things as cars. If you desire, the Credit Counsellor would also teach you how to manage or track your monthly cash flow. This means you have now learned how to manage money instead of money managing you and causing stress.