Financial Literacy

Keep up with the latest tips and ideas for building a brighter financial future.

It’s the start of a New Year, and like thousands of Canadians, you may be worried about the size of your debt.

For decades, non-profit credit counselling has provided a pathway for indebted Canadians to get back on track. Now we have more proof that credit counselling works. Back in 2003 and 2004, Equifax Canada and Trans Union of Canada carried out independent research on successfully closed credit counselling files. The research showed that credit counselling does help Canadians get back on track with their personal finances after being in debt.

Paying DebtMore recently, a 2019 report by Credit Counselling Canada (CCC) using data from TransUnion comparing long-term outcomes of Canadian Debt Relief options points to clear benefits. Five years after filing, DMP clients have the highest credit scores over those who filed a consumer proposal or bankruptcy. DMP clients also reduce their total debt substantially.

Paul Le Fevre, Director, Operations, Equifax Canada outlined these results in a media release “Equifax Canada analysis shows that consumers who have successfully completed a Credit Counselling Program through an accredited not-for-profit agency demonstrate a significantly improved credit score and lower delinquency rates compared with average Canadian consumers”. In fact, consumers in the research data who participated in accredited credit counselling programs significantly increased their credit scores. Indeed, they have a reduced credit risk compared to Canadians who didn’t access non-profit credit counselling.

Getting Further Ahead Without Debt

Credit counselling clients who repay their debt successfully through a non-profit agency are farther ahead because of the in-depth education. Education does make a difference. Learning how to manage money effectively and plan for the future and living without credit are key factors in their success.

Here is just one example of thousands of testimonials that CCC members receive each year.

 When my husband and I went to the agency, we were heading towards bankruptcy. We decided on a debt repayment program and were to pay a percentage of our debt  once a month. I really feel that this program saved us from going bankrupt, and getting our credit and record back on track. We also used the budget planner that is recommended with the plan to help us out. Now our debt is paid off, and we can afford the things we could not before. We are both so glad that they could help us out, and hopefully can help others out, too.”   Susan N, Nova Scotia  

Financial Literacy Approach

In the last year alone, CCC members provided money management education to over 160,000 individuals. The largest percentage was through direct contact with consumers needing assistance one on one. Over 60% of the total accessed education and training through workshops, webinars and financial literacy sessions in schools, community groups and lunch and learn opportunities. Education is the backbone of the services members provide to consumers. The demand for financial education has grown exponentially.  Across the country, CCC members are extremely well equipped to be the ‘go-to’ resource when financial questions arise.  

We have advocated for education through accredited, non-profit credit counselling agencies for decades. It is refreshing to see this confirmation that the work we do really does make a difference! People learn valuable financial skills, including developing spending plans, setting savings goals and establishing emergency funds. Credit Counselling Canada members are all registered charities /non-profit organizations.  They provide accredited services that assist Canadians across the country. 

No matter your age, skill level or current financial position, CCC members can help. Contact a member now to see how we can help you.  

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If you graduated this year, it may be time to begin payments on your student loan. Here are a few keys to make some lifestyle changes that can help you pay back sooner.

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