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Credit counseling services are intended to educate individuals on their finances and ways to use their credit wisely. Similarly, debt counseling services help those in need of financial counseling, but focus on getting an individual out of the debt they're already in.
Credit counseling includes examining your present salary and living costs and crafting a budget to fit your goals and needs. Your debts and assets will be looked at to figure out your financial well-being and tips will be given to help stabilize your situation. Credit counseling can assist you in picking up proper money management skills and provides education on how to steer clear of common financial issues.
Debt counseling involves advising those who have accumulated too much debt and are finding it hard if not imposable to make all of the payments required of them. Two basic versions of debt counseling exist; not-for-profit organizations that generally offer credit counseling and then show you how to get out of your adverse debt situation, and for-profit companies that also provide credit counseling and, for a fee, take on the assignment of getting you out of your messy debt problem.
The goal of debt counseling is to assist you in finding the optimal solution for your financial worries. These include:
- Averting the need for you to declare bankruptcy.
- Protecting your paycheck from being garnished and preventing legal action.
- Stopping phone calls from collection agencies.
- Obtaining good financial assistance from knowledgeable people.
- Lowering or eliminating the interest on your debts.
- Decreasing your total monthly payments to a manageable level.
Debt counseling will normally begin with a review of your income and living expenses to understand the magnitude of the problem. You'll have to make some decisions on things like what expenses you can lower or get rid of (perhaps trading down to a more economical vehicle or having dinner out a lot less often).
After a honest evaluation of your circumstances you'll set up a budget that works with your income. After which, you and your counselor can determine the best method to deal with the situation, be it debt negotiation, consolidation, or in the worst of circumstances bankruptcy.