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Serving Ottawa, Kingston, Brockville, and the Surrounding Areas
Re-establishing your credit after bankruptcy, delinquent payments, high debt, or having no credit can feel like a high-stakes guessing game. Of course, the answer is which method will work best for your lifestyle, budget, financial goals, and current credit score. Those looking to build up their credit through credit counselling in Eastern Ontario need only to look at D. & A. MacLeod Company Ltd. We have a longstanding reputation of taking the guesswork out of rebuilding credit and achieving real results.
When it comes to credit counselling, Kingston, Brockville, and Ottawa is in good hands with our team. And, we’re right in your neighbourhood, so finding the right advice has never been easier. Through our experience, time-tested methods, and a staff willing to help you find the best solutions for your credit issues, D. & A. MacLeod Company Ltd. will help you find a new beginning.
Establish a realistic budget to meet monthly expenses
Analyze potential lifestyle alternatives to reduce the impact of your spending
Set short-term and long-term financial goals
Prepare informal arrangements with your creditors if necessary
It’s important to understand your financial situation before it gets out of hand. We offer credit counselling in Ottawa, Kingston, Cornwall, Smiths Falls, Pembroke, Kanata, and Brockville. By attending a free, initial, no-obligation consultation, you will learn about your options and get to know our trustees and their capabilities.
It is recommended that you seek credit counselling when you need advice on managing your money, or when you are seeing that your debt repayments are negatively affecting your ability to pay for your monthly expenses. Some of the biggest signs of budget stress that can be helped through credit counselling include:
You borrow money to make it from one payday to the next
You go over your spending limit and use your credit card as a source income
You are applying for another credit card because your existing cards are at their limit
High interest rates are making it difficult to pay off your debts
You have been denied a loan or line of credit due to high rotating balances
You have a high debt-to-income ratio
You are not making progress in meeting your financial goals
Timely payments are the most important component, so paying even the minimum is necessary to maintain a good credit score. At the first sign of financial trouble, you can discuss possible special arrangements with your bank or other lenders to help you pay off your debt.
Why a Good Credit Score is Important
While you may not presently see the downside of poor credit, the next time you apply for a car loan, insurance, mortgage, business loan, cell phone contract, or even a job, you may find yourself locked out of an opportunity and/or financing. Even if you are approved for a loan, your poor credit score may make it difficult to repay it due to higher interest rates. And, when renting property or signing up for utilities, you may be asked to pay a security deposit to secure the rental contract. Poor credit scores can also impact personal relationships as they add stress. You may start to receive calls from debt collectors, as well.
One of the best ways to rebuild good credit in Ottawa or Kingston is to apply for a credit card and make timely payments. If your financial issues keep you from obtaining a regular card, then you can apply for a secured credit card that requires a deposit to the issuer – usually for the same amount as the card’s limit. Payments are reported the same way to credit agencies, which can improve your history.
Repairing credit usually takes about six to seven years, whether you have had late payments, repossessions, foreclosures, or other financial trouble. An adverse action letter, if you receive one, can indicate what affected your credit score. But simply rehabilitating your spending and payment habits through credit counselling to correct these issues will help you improve your credit history.
At D. & A. MacLeod, we can review your financial situation and provide recommendations for next steps to get your life back on track. We can meet you in any one of our convenient locations to answer questions you may have about credit counselling in Ottawa, Kingston, Kanata, Brockville, Smiths Falls, Pembroke, Cornwall or elsewhere in Eastern Ontario.