Managing your household finances is no easy task, especially in addition to work, family, and life events. But working with a credit counselor can help you take control of your finances by providing options and budgeting help.
If you’re not sure if you need help, here are five signs you should consider credit and budget counseling.
Not Sure If Bankruptcy Is Right for You?
You definitely want to explore alternatives to bankruptcy first. When you declare bankruptcy, it stays on your credit report for seven to 10 years, making it harder to get approved for loans.
Taking Back Control of Your Credit Card Debt
When your debt seems insurmountable, and you feel unable to make a dent in your balance, getting help from a certified credit counseling agency can help. If it seems like the best solution, they can enroll you in a debt management plan. This allows them to work with your lenders to reduce your interest rate and consolidate your credit cards into one monthly payment.
Getting Clarity on Your Credit
Talking to a credit counselor can also help you get a better understanding of what your credit report looks like and how much debt you owe. Your credit score shouldn’t be a mystery, and a counselor can help you see the overall financial picture.
Need Extra Resources to Stay on Track?
Offering support and education, credit counselors can also provide you with additional resources that can help you stay on track, grow a deeper understanding of your finances, and get any other support you need.
Bottom Line
Credit and budget counseling are useful ways you can track your finances and pay down debt. Not only does it provide extra guidance, but it’s a step on the path to better financial management.