Understanding of how too much debt was amassed in the first place and a strategy to correct the spending behaviour is necessary to get you back on track, indeed.
A couple of colleagues following my posts pointed out the need for discussing multiple aspects that must be addressed to get clients back to financial health -- their contribution prompted me to write this article.
For the readers who may not be familiar with what happens behind the scenes, this article may help.
First of all, do a bit of research about the mortgage broker or other related professional before seeking debt consolidation help or, for that matter, any mortgage help. Those properly qualified, as a matter of professional discipline, will provide you with professional and individual counselling and financial rehabilitation support.
In the privacy of my conversations with clients, I assess their situation at hand and provide them with a long term debt management strategy to get them back on track. Clients get the respect they deserve regardless of credit or circumstance. I do not judge but provide custom fit residential mortgage solutions and strategies that lead to successful long term financial recovery.
One colleague, a bankruptcy trustee, rightfully pointed out that debt consolidation alone is not enough. "Unless this strategy is coupled with an understanding of how too much debt was amassed in the first place, and strategies put in place so that spending is in line with income, debt consolidation alone will not work going forward. However, this strategy, coupled with the necessary behavioral change, works well."
This is absolutely correct. I can't tell you how many clients I've worked with over the years to restore them to financial health. Each of these clients needed individual credit counselling and debt consolidation help as well as clear understanding where they went wrong. Countless problems surface combined with multiple reasons why clients get in over their head financially -- ranging from job loss, divorce, illness, car accidents to simply poor cash flow management skills, and more.
Each situation is unique - understanding how too much debt was amassed is individual to every client. It indeed requires its own restructuring strategy coupled with the necessary behavioural change to make a difference.
Another colleague, a mortgage broker adds “Give a man a fish you feed him for the day, teach a man to fish you feed him for a life time” and "learning how not to repeat the same mistakes is essential." His comments are valid too.
Giving you the tools to succeed.
During my discussions with clients, whether those with excellent credit and income who look at their mortgage as an investment - to self-employed individuals - to clients who have suffered debt overload and damaged credit, I look for opportunities to assess their unique circumstances. This leads to helping clients with the understanding of how too much debt was amassed in the first place and giving them the tools needed to remedy their situation.
In a case of credit problems and debt overload, you'll get practical advice and a strategy to align your spending to your income and to rebuild damaged credit. A good understanding of how too much debt was amassed in the first place is a good start to successful debt management strategy.
In the event you are a Discharged Bankrupt or have filed a Consumer Proposal, it's essential that you take quick steps to re-build your credit. This link will take you to secured credit card information and a downloadable secured credit card application to get you started.
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