The debt-ridden are all too familiar with the pressure - and sometimes stress - of accumulating debt. Consolidated debt counselling can be a great help in taking back control over your financial future, and can create positive benefits in your life.

First and foremost, debt counselling can provide you with an objective view of your financial status. A debt counsellor will look at your entire financial background, including income, debts, and spending habits. This can give you a crystal-clear picture of exactly where you stand financially, and what the most effective and efficient options may be for reducing or eliminating debts.

Another great benefit of debt counselling is the ability to create a sound debt repayment plan. Professional debt counsellors can work with creditors to create a consolidated debt repayment plan that fits within your budget and timeline. This plan can include consolidating debts, negotiating lower interest rates, extending payment terms, and even waiving certain late payment fees. Having a repayment plan that is comfortable for your needs can be a huge relief, and can make the debt burden much more manageable.

Debt counselling can also help you improve your financial behaviour. Many debt counsellors will provide advice on budgeting and money management, helping you to make better spending decisions in the future. This can lead to greater financial security, helping you stay out of debt in the future.

Finally, debt counselling can also be beneficial for your credit score. By working with creditors to reduce debts, your credit utilization ratio (the amount of credit you use divided by the amount of credit available to you) will be reduced, helping your credit score. Additionally, making consistent and timely repayments on your consolidated debt repayment plan can also boost your credit score, making it easier to access credit when needed.

Debt counselling can be an empowering and positive way to regain control of your financial future. The benefits to your mental wellbeing, budget, and credit score make it a worthwhile consideration for anyone struggling with debt.