Reputable credit counselling organisations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counsellors are certified and trained in areas of consumer credit, money and debt management, and budgeting.

Counsellors discuss your entire financial situation with you, and help you develop a financial plan to solve your money problems. An initial counselling session typically lasts an hour, with an offer of follow-up sessions.

Be wary of credit counselling organisations that:

charge high up-front or monthly fees for enrolling in credit counselling.

pressure you to make "voluntary contributions," another name for fees. won't send you free information about services they provide without requiring you to provide personal financial information, such as credit card account numbers and balances.

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4. Refinancing to Switch From Variable to Fixed Rates. You can also refinance in order to switch from a variable rate loan to a fixed rate loan. The main reason behind this type of refinance is to obtain stability and security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas variable rate loans tend to be more popular when rates are higher. When rates are low, you can refinance to lock in low rates. When rates are high, you may prefer short term discounted variable rate loans to obtain lower payments. A major benefit to refinance is ability to lock in a low interest rate for duration of your loan.

5. Refinancing to Switch from One Lender to Another. Some lenders offer better mortgage or loan deals than others. They may offer better customer support services, more flexible loan repayment terms or just a service that is more suitable for your needs. Refinancing your loan can allow you to drop your current lender and switch to a new one with a better loan or mortgage package.

You should carefully consider savings you can make by refinancing against costs and penalties. Any homeowner can refinance, but point is to find a deal that will improve on your existing mortgage or loan.