Have you ever heard of nonprofit credit counseling? If you suffer from debt, then this is a term that you should be familiar with. Why? Well, because non-profit credit counseling agencies can help alleviate your debt.
What is Credit Counseling?
Credit counseling agencies provide an array of services that are geared to help you pay off debt and better manage your finances.
The primary objective of credit counseling agencies is to help you gain control of your finances. Credit counseling agencies provide financial services such as budgeting, debt managements, and bankruptcy and mortgage counseling.
When you work with a credit counseling agency, you are placed with a credit counselor who you will work with every week. You and your counselor will formulate a plan based on your budget.
Your counselor will negotiate lower interest rates, lower monthly payments, and can even help with consolidating your loans and credit cards.
What to Look for In a Non-Profit Credit Counseling Service
If you’re considering contacting a credit counseling service, the following are a few things that you should look for:
- Non-profit Status
- Certified Counselors
- State License
Above are just a few things that every legitimate credit counseling service should have. When it comes to financial matters, there are always dishonest businesses that are out to prey on vulnerable consumers. Be vigilant and thoroughly research any company before conducting business with them.
Living with the burden of debt can be stressful; however, there is help for you. Working with a reputable credit counseling agency can help to make your debt more manageable and bolster your credit score. If you’re using more than 30% of your available credit or have more expenses than income, then it may be time to seek out the help of a credit counseling agency.
Check out our video on Debt Management & Credit Counseling