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Rebuilding Your Credit Rating

Chances are you have a credit problem if you: - can't make your minimum monthly payments on your credit cards, - take cash advances for living expenses, - aren't sure how much you owe and - never seem to be out of debt. Here are some tips to help you recover: Put away all of your credit cards. If you have several debts, consider consolidating them into one consumer loan or consolidating your debts by refinancing your mortgage. You'll save on the interest rate alone, especially if your debt is from credit cards, and your cash flow will also be improved. If slow payments are affecting your credit rating, consider contacting your creditors to see if you can make alternative arrangements. Be honest with your creditors. Let them know you're in difficulty and work with them to find the best way to meet your financial obligations. Try and figure out how you got into debt and stick to a plan to prevent it from happening again. Re-evaluate your spending habits and lifestyle. Seek the advice of a credit counsellor if you can't sort things out yourself. There are several not for profit credit counselling agencies across Canada. An experienced counsellor will sit down with you to look at your situation, discuss your options and help you develop a course of action. When you begin to recover financially, consider keeping only one credit card. It will be easier to track your spending and you won't have the collective credit limit to tempt you. Not-for-profit Credit Counselling Agencies The following not-for-profit organizations provide a range of credit counselling services: BRITISH COLUMBIA Credit Counselling Society of British Columbia Toll Free: 1-888-527-8999 (only in BC) Tel: 604-527-8999 Fax: 604-527-8008 Debtors Assistance Branch Ministry of Attorney General Toll Free: 1-800-663-7867 (only in BC) Victoria Tel: 250-387-1747, Fax: 250-953-4783 Burnaby: Tel: 604-660-3550, Fax: 604-660-8472 Kamloops: Tel: 250-828-4511, Fax: 250-371-3822 ALBERTA Credit Counselling Services of Alberta Toll free 1-888-294-0076 (only in Alberta) Calgary: Tel: 403-265-2201, Fax: 403-265-2240 Edmonton: Tel: 403-423-5265, Fax: 403-423-2791 SASKATCHEWAN Department of Justice, Provincial Mediation Board Regina: Tel: 306-787-5387, Fax: 306-787-5574 Saskatoon: Tel: 306-933-6520, Fax: 306-933-7030 MANITOBA Community Financial Counselling Services Tel: 204-989-1900 Fax: 204-989-1908 ONTARIO Ontario Association of Credit Counselling Services Tel: 1-888-7IN-DEBT (746-3328) Fax: 905-945-4680 QUEBEC Fèdèration des associations coopèratives d'Èconomie familiale du Quèbec Tel: 514-271-7004 Fax: 514-271-1036 Option-consommateurs Tel: 514-598-7288 Fax: 514-598-8511 NEWFOUNDLAND & LABRADOR Personal Credit Counselling Service Tel: 709-753-5812 Fax: 709-753-3390 PRINCE EDWARD ISLAND Department of Community Affairs Consumer, Corporate and Insurance Services Tel: 902-368-4580 Fax: 902-368-5355 NOVA SCOTIA Port Cities Debt Counselling Society Tel: 902-453-6510 Access Nova Scotia Department of Business and Consumer Services Tel: 1-800-670-4357 (only in Nova Scotia) Fax: 902-424-0720 NEW BRUNSWICK Credit Counselling Services of Atlantic Canada, Inc. Toll Free: 1-800-539-2227 (only in New Brunswick) Tel: 506-652-1613 Fax: 506-633-6057 Consumer Services Officer Consumer Affairs Branch, Department of Justice Tel: 506-453-2659 Fax: 506-444-4494 Family Services of Fredericton Inc. Tel: 506-458-8211 Fax: 506-451-9437 YUKON Contact Consumer Services for referral Tel: 867-667-5111 Fax: 867-667-3609 NORTHWEST TERRITORIES Consumer Services Municipal and Community Affairs Tel: 867-873-7125 Fax: 867-920-6343