Debt counseling focuses on helping you manage existing debt so that you may break free from the cycle of high interest and fees. Our financial counselors provide debt counseling in conjunction with credit counseling, so that you can benefit from improved credit while eliminating debt.
These are the 5 key components of debt counseling:
- Reduce Debt: Our financial counselors are trained to identify potential solutions to your debt problems. We can help reduce debt by providing you with real options that can eliminate debt for good.
- Reduce Payments: Lower credit card payments can give your budget additional room. This allows you to better maintain on-time payment histories.
- Reduce Interest: Reductions in interest rates can save you thousands in finance charges. Make more of your payment go to the balance rather than additional interest.
- Eliminate Fees: Fee income represents a third of credit card profits. Eliminating fees from late, over-the-limit and other “nuisance” charges can speed your financial recovery.
- Stop Collection Calls: Even one late payment could trigger collection calls. Find out your rights under the Fair Debt Collection Practices Act.
Debt counseling is actually the easy part. We can help you develop self-guided plans to solve debt problems, or talk with you about enrolling in a debt management program.
It is a requirement that all debt counseling sessions also include credit counseling. Our job is to help you understand credit usage so that you can make better decisions about taking on and managing debt.
