This free service to help you manage your financial situation is debt counselling, and as a broader field, financial counselling. Debt counselling allows you to meet with a financial counsellor who will assist you with getting your finances back on track. While it may seem impossible to turn around now, your counsellor will work with you to change your financial future.

Are Counsellors Qualified To Help Me?

Financial counsellors are available in every state and territory of Australia; there are over 150 counselling organizations that employ over 500 financial counsellors.  Since these agencies are funded through various levels of the Australian government, they do not charge consumers for their services.

Of course, there are some restrictions as to who can become a financial counsellor. While the ASIC does not require counsellors to be licensed, they must meet certain skill and knowledge requirements and membership requirements. Other conditions include:

• Financial counsellors and the organizations cannot charge a fee or be remunerated for their services
• The counselling organization is limited to this business; they cannot participate in other areas of financial services
• Counsellors cannot recommend or give advice on investment products

Benefits To Debt Counselling

Debt counselling is one service that provides many benefits with literally no financial cost to you; all you need to spend is your time. Counsellors can help you with many things including

• Debt negotiation with your creditors
• Budgeting and financial planning advice
• Exploring debt reduction options
• Determining eligibility for government aid
• Advice on how to improve your overall financial situation

While you can attempt to solve some of your problems on your own (such as Do-It-Yourself Debt Negotiation), a debt counsellor is able to sit and explore every option with you. One of the most attractive aspects of obtaining help from financial counsellor is that you are assured quality assistance with no cost.

One important note: Now that you know about free quality financial counselling, be wary of anyone who tries to sell you the same services for a large fee. Even if the individual is a legitimate financial advisor, you may be able to obtain the same services for no cost.

Alternatives

While there are alternatives to seeking debt counselling, none of them are as comprehensive and helpful as seeking help from a professional. If you are deep in financial trouble, debt counselling can help you with all aspects of your finances from one location. Before you seek any other alternatives for assistance, contact your local financial counselling organization first to see what services they can provide.

For your convenience, FIDO keeps a list of some counselling organizations in Australia, along with more advice on financial counselling and how it can help you. Use this list to ensure that you get help from the right sources. FIDO is also a great resource for tips on how to manage your debt, start a budget, and buy insurance.

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