Credit Canada is one of the most well-established non-profit debt relief organizations in Canada. The firm is known for helping Canadians with debt management and financial literacy. In this review, we’ll explore Credit Canada’s background, services, customer reviews, and whether or not it’s a legit solution for dealing with debt.
Brief Overview
Credit Canada was established in 1966 and has been assisting Canadians for more than 50 years in regaining financial management through credit solutions and debt solutions. They are a non-profit company which focuses on enhancing people’s financial literacy and preventing them from getting into too much debt.
Here’s some key information about the organization:
- Official Name: Credit Canada Debt Solutions
- Website: www.creditcanada.com
- Founded: 1966
- Phone Number: 1-800-267-2272
- BBB Rating: A+
- Google Reviews: 4.9/5 stars (300+ reviews)
- TrustPilot Reviews: 4.6/5 stars (20 reviews)
- Headquarters: Toronto, Ontario
Can Credit Canada Help You with Debt?
Yes, Credit Canada is one of the most viable options for getting rid of debt in Canada. The main services offered are credit counselling and debt management, which assist clients in minimizing their debts or paying for them through sessions and debt management plans. Unlike other commercial loan companies that provide high-interest loans or debt relief services, they work to lower the interest rates to make payments more affordable.
List of Services Provided
Credit Canada offers a range of debt relief and financial counselling services. Here’s a look at the key services they provide:
1. Free Credit Counseling
The most important feature of Credit Canada’s service offering is the free credit counselling sessions that they offer. These are face to face meetings with a credit counsellor who evaluates your financial status and then comes up with a way to help you improve your financial status.
2. Debt Management Plans (DMP)
A Debt Management Plan is one of the most popular solutions that Credit Canada provides to its clients. If you have credit card debts, personal loans, or payday loans, a DMP helps you to combine all those debts into one monthly payment. Credit Canada negotiates directly with the creditors to reduce or even eliminate the interest rates so that you can clear your debts within a shorter time. The duration of a DMP is usually from three to five years.
3. Debt Consolidation
Credit Canada helps clients to make one payment as it consolidates different debts. This is not a loan but a plan for managing the repayment by negotiating with the creditors to reduce interest rates and charges.
4. Budgeting and Financial Literacy
In addition to debt relief, Credit Canada provides clients with educational services and materials that enable them to develop sustainable financial management skills. The counsellors offer individualized budgeting services, and their website contains numerous articles on how to budget, save and build credit.
5. Bankruptcy and Consumer Proposal Referrals
If debt counselling or a DMP is not sufficient, Credit Canada can connect the clients with an LIT to talk about more severe options such as a consumer proposal or bankruptcy. These options are only considered as a last resort and are managed through an external vendor so as to keep Credit Canada away from such destructive options.
Customer Feedback and Reviews
Let’s take a look at what real clients have to say about their experience with Credit Canada:
Google Reviews: 4.9/5 Stars
Credit Canada has managed to secure a rather high rating of 4.9-star rating on Google based on hundreds of reviews. Customers often stress the kind and understanding nature of the counsellors and many of them state that they felt relieved after the first meeting. Some of the other reviewers also point out that the DMP process is very simple and that they were able to notice changes in their financial statuses shortly.
TrustPilot Reviews: 4.6/5 Stars
On TrustPilot Credit Canada receives an excellent 4.6-star rating. The reviews mainly highlight the aspect of individual attention paid to every client. Most clients have appreciated how well the counsellors explain the available choices and take the clients through every step in the debt management process.
BBB Rating: A+
Credit Canada is a member of the Better Business Bureau (BBB) and has an A+ rating which shows that they are willing to address complaints and ensure that they offer their clients the best services.
Advantages of Working with Credit Canada
- Non-Profit Status: As a non-profit, Credit Canada’s goal is to help individuals, not to make a profit off high-interest loans or fees.
- Free Counselling: The initial consultation is free, making it easy to assess your options before committing to any program.
- Highly Rated: With stellar reviews from clients and a solid BBB rating, Credit Canada is a trusted source for debt relief.
- Comprehensive Services: Credit Canada offers a wide range of services that cover everything from credit counselling and debt management to credit rebuilding and housing counselling.
Final Thoughts: Is Credit Canada Right for You?
If you’re struggling with debt in Canada and are looking for a reputable, non-profit organization to help you regain control, Credit Canada is a great option. Their certified counsellors provide free, personalized advice and can develop a plan to reduce your debt without high fees or interest charges. Whether you need help with budgeting, debt consolidation, or a Debt Management Plan, Credit Canada has the expertise to guide you through.
Their positive reviews and long-standing reputation make them a trusted partner in debt relief, and with services like mortgage counselling and student loan advice, they go beyond just debt consolidation to provide holistic financial support. Whether you’re facing overwhelming credit card debt or just want to improve your financial literacy, Credit Canada is a great resource for Canadians seeking financial freedom.
FAQ
Q: Is Credit Canada a non-profit organization?
A: Yes, Credit Canada is a registered non-profit dedicated to helping Canadians with debt management.
Q: Is the initial consultation free?
A: Yes, the first consultation is free of charge, giving you the chance to explore your options without any financial commitment.
Q: What types of debt can Credit Canada help with?
A: Credit Canada can assist with unsecured debts, including credit cards, personal loans, payday loans, and lines of credit.
Q: Will a Debt Management Plan affect my credit score?
A: While enrolling in a DMP may have a temporary impact on your credit score, successfully completing the program can help rebuild your credit over time.
Q: How long does it take to complete a DMP?
A: A DMP typically takes between 3 to 5 years to complete, depending on the amount of debt and your monthly payment.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
