Credit Repair

Is Financial Literacy Possible Through Credit Counseling Program?

Credit counseling program is considered to be beneficial if you’re unable to create a budget plan and stick to it. Due to lack of financial education most of the Americans incurred overwhelming debt and complicated their financial life. In this situation, they opted for credit counseling program to help them prepare a budget plan and the certified counselors provided financial literacy to their clients. The consumers enrolled with the credit counseling program to pay their bills responsibly, with their creditors’ consent. The monthly payment is also reduced to an affordable amount with the help of the credit counselor.
If you’re struggling to make your payments and you’re neck deep into debt, then credit counseling
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program can be beneficial.

The certified counselors may guide you to help you understand the best option to reestablish your financial state. They can guide you to lower your monthly payments and design a realistic budget plan. There are credit counseling agencies that offer Debt Management Plan (DMP). In a debt management plan, your unsecured debts are consolidated into a single monthly payment. You can
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manage to lower the monthly payment as the interest rate is reduced. You can acquire financial literacy if you enroll in a credit counseling program. Generally, the counseling sessions are free, so you can get and stay out of debt with the guidance of a credit counselor.

Know the working process of a credit counseling agency:
When you’re working with a credit counseling agency, a certified counselor is individually appointed to the client of that agency. The counselor may guide the client to analyze their financial state. The counseling is free, and the counselor can help the client to understand where he actually stands. After analyzing the financial state of the client, he may offer advice in accordance with his financial state. The counselor can guide the client to design a budget that he can implement on his own.
If the counselor recommended you to enroll in a debt management program according to your financial situation, the agency may send payment proposals on the basis of your budget to the creditors. The counselor may negotiate with the creditors to lower the interest rate, and to waive off the penalties and late fees to make the monthly payment affordable to pay off.
During debt management process, you get access to educational websites, free financial guidebooks, a variety of online payment calculators and periodic reviews to help you manage the budget plan. This helps to avoid financial difficulties in future.
Credit counseling- Know whether it is suitable for you:
Here are some of the following points you need to consider to know whether credit counseling is suitable for you:
1. Defaulted on payments and incurred late fees and other charges.
2. Failed to make more than minimum payments on your credit card bills due to high interest rates.
3. The account balance is close to your credit limit.
4. Unable to make your monthly payments and need a proper financial plan to achieve your financial goals.
Benefits of credit counseling agency:
1. Reduce your monthly payments.
2. Lower the interest rates.
3. Waive off the late fee and other penalties.
4. Offer financial education.
Therefore, credit counseling is considered to be an effective tool to acquire financial literacy and get out of debt.

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