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Credit Counseling Degree

Why Debt Driven Consumers Need Credit Counseling

As our nation’s economic difficulties continue, more Americans are facing the real risk of total insolvency. After a lifetime of being debt driven consumers, now that lenders are failing to continue on in this vicious cycle, average, ordinary people are faced with incredibly overwhelming financial struggles and have no idea where to turn for the help and assistance they need. To make matters worse, these same individuals watch as the US government continues to spend money that they just don’t have and their negative notions about finances and spending are simply reinforced, without a clear understanding of why more and more debt is not the best answer in their personal situation. If you’ve faced such a situation and you’re looking to find real solutions that bring about a whole new way of approaching your family finances, credit counseling may be exactly what the doctor ordered.

  • Many consumer credit counseling solutions are available to the public without any cost at all
  • Obtaining credit counseling can help you avoid potential pitfalls like bankruptcy or foreclosure
  • You can walk away from credit counseling with a clear plan for repaying your debts and revitalizing your credit score
  • Credit counseling services can help you save (literally) thousands of dollars in interest payments!

How Credit Counseling Works

Most of the time credit counseling works using a three step program. In the first step, time is taken to carefully examine your current financial situation to determine who deep in debt you actually are. This means that you have to provide your credit counselor with all of your current secured and non-secured loans, bills that you must pay and carefully explain where all of your money comes from and then where it goes. In the second step, it will be determined whether or not you are truly in need of credit counseling. At this point, your goals will be evaluated and it will be decided if you can rely on credit counseling to “rescue” you from your current situation or if it must be paired with other financial strategies like bankruptcy, etc. During this phase, if applicable, your counselor will begin working with your creditors to create a structured repayment plan that will not just eliminate your debt, but ultimately save you tons of money in interest and late fees. Finally, your counselor will work with you to provide a realistic credit education that will enlighten you about how debt and credit works and the right way to manage it. This is one of the most critical components of credit counseling, because it isn’t until you learn the right way to spend and budget that you’ll gain control over your personal finances and enjoy a newfound freedom.

The Biggest Component of Success is Commitment

It’s critical to understand that when you seek the services of a credit counselor, that they don’t solve your problems for you. Instead, they educate and empower you to take the reins in your own financial situation so that you can make informed decisions and better choices about how and where you’ll spend your money. For this reason, you must understand that if you don’t have a solid commitment towards changing the way you approach your personal finances, no solution in the world will really remedy your situation. It isn’t until you understand the dangers of being a debt driven consumer that you can find freedom from debt and rescue your credit score, ultimately saving you thousands of dollars over your lifetime in interest payments alone!

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