The Impact of a Credit Counseling Session
Credit Counseling
Credit counseling provides financial education to consumers struggling to manage their credit card debt. During your counseling session, a Certified Credit Counselor reviews your liabilities (debts), monthly expenses, income and assets. They will also review your credit score and discuss your financial goals. Then, they provide advice on ways to decrease expenses and increase income. Furthermore, they ultimately arrange a plan of action to pay off your credit card debt based on your current situation.
Get an Action Plan
Plans for paying off credit card debt typically include:
- Enrolling into a Debt Management Program
- Handling the debt on your own
- Declaring bankruptcy
- Enrolling into a Debt Settlement Program
- Credit Repair
- Liquidating your assets
Solutions vary because each consumer will have varying levels of debt, expenses, and financial goals.
The Cost of Credit Counseling
Credit Counseling is a free service offered by nonprofit agencies like DebtWave. During your free credit counseling session, you will speak one-on-one with a certified credit counselor about your finances for about 30-60 minutes. Whether you’re looking for assistance paying off debt or learning how to create a budget, we will help.
DebtWave helps consumers of all financial backgrounds avoid bankruptcy and stop living paycheck-to-paycheck.
Financial Analysis Report
As part of sharing your options for paying off debt, your financial counselor will share a detailed Financial Analysis Report. Included on this report you will find the following:
- Breakdown of monthly expenses and income
- Your Credit Score
- Your Debt to Credit Ratio
- The benefits of a debt management plan
- Your debt payoff timeframe and total cost
- Recommended action plan
Ask a financial counselor to explain credit card terms to avoid financial disaster in the future.
DebtWave is licensed to provide Debt Management and Credit Card Debt Relief.
Accordions
Credit Counseling is a free service that includes analyzing an individual or family’s, liabilities, assets, monthly expenses and monthly income.
One of the debt-payoff strategies we may recommend is a debt management program (DMP). Benefits typically include reduced interest rates and lower monthly payments. Along with becoming debt free in fewer than five years.
About 65% of the clients that enroll onto a debt management program successfully payoff their debt. The most common reason why some people don't succeed is due to a financial hardship such as job loss or increased expenses.
In most cases, no. But you may see a drop in your credit score when you accounts get closed after enrolling. Clients that remain current with their payments on the program will likely see their score go up as their balances go down.