Debt Counselors advise you on your debts, help you develop a budget, and provide money management seminars, education, and counseling.
When you’re struggling to keep up with all your bills, Debt Counselors advise you on your debts, maintaining a budget with your current income, and provide money management seminars and education.
Debt Counseling or Credit Counseling is when you work with an advisor for guidance on how to set budgets, manage personal finances, repay debts, and repair credit.
Often this takes place via one-on-one sessions that are customized to your situation. Counselors will review all the financial information you provide, help set a budget that considers your income and expenses, and set up payment plans for each of your debts owed.
Additionally, Counselors sometimes have pre-negotiated interest rates with various creditors that their clients can benefit from. However, despite lower interest rates, Counseling does not reduce the total amount of debt you must pay back. They provide tools that can make paying back your debts more manageable.
It’s important to note that when you work with a Counselor, your current credit card accounts will likely be closed to new charges, and you will be expected to avoid opening new credit cards or taking on additional debt while in the program.
If you’re struggling to make minimum payments or rely heavily on using credit cards to get by each month, Debt Counseling might not be your best choice.
We understand the burden that debts can place on individuals and families, and we are committed to helping you overcome these challenges.
Debt settlement services are not appropriate for everyone. Enrollment into the program may be adversely affect creditworthiness; May result in collections or legal motions by creditors or debt collectors; and may increase the balance owed due to accrual of fees and interest by creditors or debt collectors. to pay your monthly bills in a timely manner may result in increased balances and can harm credit ratings. Not all creditors will agree to reduce the principal balance.
Debt-settlement services are not appropriate for everyone. Failure to pay your monthly bills in a timely manner will result in increased balances and will harm your credit rating. Not all creditors may agree to reduce the principal balance, and they may pursue collection, including lawsuits. There are also required verbal and written disclosures and warnings.
