There is no specific amount of debt that you must have, whether it is $5,000 or $50,000 in order to qualify for credit counseling.
Credit counseling can be beneficial to those of any income level and in any stage of debt repayment. If you need guidance, we can help you identify your options and navigate your next steps.
When Should I Contact a Credit Counselor?
No matter what your income, if your expenses exceed your take-home pay, and your credit lines are running up, it is time to put together a solid budget and debt reduction plan with a credit counselor.
You do not have to be several months behind on your payments in order to seek the advice of a credit counselor. Get your financial house in order before suffering the damaging effects of late payments.
Why Should I Consider Credit Counseling First?
The purpose of credit counseling is to help individuals understand their financial picture, develop a budget, learn ways to save money, and create a plan to get out of debt. Free counseling appointments allow individuals to ask any and all questions, discuss their options depending on their size of debt, and provides helpful resources and tools to everyone whether or not they choose to begin a repayment program.
Unlike a Home Equity Loan, a Credit Counseling Program does not require home ownership, nor does it secure your debts with property. Borrowing against your home without changing your spending habits is a common mistake that people make. The results can be disastrous, and may ultimately threaten your homeownership. Seek the advice of a credit counselor before turning unsecured debts into secured ones.
If you are considering filing for bankruptcy, you should review your options with a credit counselor first. A debt management program may produce an affordable payment, and reduce your interest rates to a level that will allow you to repay all of your debts in a reasonable time frame, all while avoiding the detrimental effects and the stigma that goes along with filing bankruptcy.
If you would like help identifying your options, deciding on a debt repayment strategy, or need some more information, fill out our form in the column to the right for the opportunity to speak with a credit counselor at your convenience.
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