Life moves fast. Between work, family, appointments, and everyday responsibilities, it can be hard to stay on top of it all—especially when it comes to managing your finances. That’s where credit and budget counseling can help.
Certified credit counseling agencies offer a variety of financial services, including building a workable budget together.
If you’re on the fence, here are five reasons when you should consider credit and budget counseling:
Considering Bankruptcy
Before you declare bankruptcy, make sure you’ve exhausted all other alternatives. Bankruptcy stays on your credit report for seven to 10 years and can make it more challenging to get approved for loans or credit cards with better terms. Consider all your options first.
Can’t Keep Up With Your Credit Card Debt
When you’re paying on credit card debt, it can seem like an endless task. But when you can’t pay beyond the minimum payment, and your credit balance is going up instead of down, it might be time to get help. A credit counseling agency can enroll you in a debt management plan, allowing them to work with your lenders to lower your interest rate and consolidate your credit cards into one affordable monthly payment.
Looking for Repayment Advice
If you’ve gotten to the point where you’re serious about paying off your credit debt but need guidance, credit counselors will help you create a budget and a clear path to your financial goals. Even better, certified credit counseling agencies are nonprofit organizations that offer this service for free.
Unsure of Your Credit Status
Your credit status shouldn’t be a mystery. If you’re unsure what’s on your credit report or how much you currently owe, meeting with a trained financial professional can give you a clear picture and help you plan your next steps.
Looking for More Resources
When you meet with a certified credit counselor, they provide financial education to help improve your financial literacy, often including access to workshops. They can also recommend additional budgeting tools and resources to help you take control of your finances.
Bottom Line
There’s never a wrong time to talk with a certified credit counselor—but if any of the situations above sound familiar, reaching out now can help you take control and move toward financial stability.