The Impact of a Credit Counseling Session
Nonprofit consumer credit counseling is a great way to begin your journey toward financial freedom. Whether you’re looking for assistance paying off debt, a debt management plan, or learning how to create and utilize a budget to your financial advantage, DebtWave Credit Counseling is here to help.
Credit counseling is a free service offered by nonprofit credit counseling service providers like DebtWave. It'sis designed to help consumers of all financial backgrounds, avoid bankruptcy and stop living paycheck-to-paycheck. The main focus of our counseling is financial education.
When you work with DebtWave for a free credit counseling session, you'll speak one-on-one with a certified credit counselor about your finances for about 60 minutes.
During the call, a financial counselor will pull a soft inquiry on your credit which won't negatively impact your credit score. This will allow your credit counselor to view your liabilities, account statuses, and credit score. Your financial counselor will also inquire about your financial goals, income, expenses and assets. We will then provide advice on budgeting and general tips on managing money.
Monthly expenses your financial counselor may inquire about include:
- Net Income
- Mortgage/Rent
- Auto Loans
- Student Loans
- Credit Cards (balances, interest rates)
- Groceries
- Gas
- Internet
- Cell Phone
- Insurance
- Subscription Services (Netflix, Amazon, Hulu, Disney+)
In instances in which a consumer has medical debt, student loans, or other types of debt, a financial counselor will share all possible options for paying off that debt. Options financial counselors will discuss for paying off debt include:
- Handling the debt on your own
- Declaring bankruptcy
- Enrolling into a Debt Settlement Program
- Liquidating your assets
- Enrolling into a Debt Management Program
As part of sharing your options for paying off debt, your financial counselor will share an estimated payoff date. This includes estimates for the total money paid, including interest, in order to pay off that debt.
Solutions vary because each consumer will have varying levels of debt, expenses, and financial goals.
Even if your credit card debt seems manageable, asking a financial counselor to explain credit card terms or assist you in making a budget to avoid financial disaster in the future is highly encouraged.
Click here if you prefer to get started online.
DebtWave is Licensed to provide Debt Management and Credit Card Debt Relief.
Get Started Online