Debt Consolidation
Debt Consolidation

Overextended Finances and How Debt Consolidation Helps

If you are financially overextended, you can’t pay your bills on time even though you want to. You likely felt embarrassed when a cashier declined your credit card in the past. By signing up for a debt consolidation program, you take control of your situation and reduce financial stress. According to a recent piece by U.S. News & World Report, there are various signs that point to the fact a person is financially overextended. The National Foundation for Credit Counseling conducted a survey that showed 1 in 3 adults carry credit card debt from one month to the next month. Fifteen percent of people have more than $2,500 worth of credit card debt that gets forwarded to the next month’s billing cycle.

Paying your bills late

If you are paying your bills late, it’s likely you have more money going out than money coming in. Although increasing your salary can help, you can also reduce how much you owe. By meeting with a credit counselor, you can get started on a Debt Management Plan. Your credit counselor will negotiate a lower interest rate on your various credit cards. In the long run, you’ll pay significantly less money on interest charges and fees. By consolidating debt, you also get a lower monthly payment so you can afford to pay other bills on time as well as your one main debt repayment bill.

Failing to fund an IRA

If you can’t afford to fund a Roth IRA, you are financially overextended. It’s also a bad sign if you can’t contribute to a 401(k), at least up to the amount your company matches. While putting money in a Roth IRA seems like a luxury, it’s actually a necessity. Most experts predict a retirement crisis because people aren’t saving enough for retirement. With credit counseling, you will budget for retirement savings instead of neglecting it.

Putting very little down

Although it’s possible to get a financing for a car with no money down, it’s another sign that you are financially overextended. New first-time homebuyers programs allow borrowers to put down as little as 3 percent. If you are only in the position to put down little or no money on a purchase, consider consolidating your debt. You will pay off your credit card debt quickly, which frees up a lot of money for the things you need to buy.

Some bad financial habits that you need to break right away include getting payday loans to cover bills and maxing out your credit cards. At Christian Credit Counselors, our trained and certified credit counselors have helped hundreds of clients get out of debt and stay out of debt for good. The secret of our success is how we combine education with practical steps such as signing up for debt consolidation.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

    Full Name (required)

    Email (required)

    Are you a current client of Christian Credit Counselors? (required)

    Type the code below in the text box. (required)
    captcha


    CCCc2abutton

    ​Read More
    Debt Counseling
    Debt Consolidation

    Debt Counseling: Improving Your Cash Flow

    Experts say credit card debt continues to increase. A recent CardHub credit card debt study cited by Yahoo Finance identified the “tipping point” when credit card debt becomes too much for most American families to handle. According to CardHub, $8,300 is an unsustainable amount of debt for most households in the U.S. If you are struggling, that’s a sign you have too much debt for your personal situation whether it’s $2,000 or $20,000. By reaching out for debt counseling, you can change your personal financial situation around. At Christian Credit Counselors, our trained professionals guide people in the debt consolidation process so they no longer have to worry about debt that’s out of control. In addition to consolidating your debt so you have one easy monthly payment, there are other ways you can improve your cash flow.

    Conserve by going ‘green’

    You can improve cash flow by going green. Whether you rent an apartment or own your own home, try different eco-friendly tips to save energy and money. Caulk around doors to stop air leaks. You can shop for clothes at consignment stores instead of buying everything new at the department stores. Other easy ways to save money include scraping your dishes instead of rinsing them, using cold water for washing clothes and hanging clothes to dry outside.

    Refinance your car or home

    Another simple way to improve your cash flow each month is to reduce your monthly bills. Most people pay rent or a mortgage as well as a car loan. If you have an older car or are older yourself, you might not want to extend a mortgage or car loan. But if you are decades away from retirement, refinance your mortgage so you have a smaller payment each month. If your car is fairly new, you might be able to obtain a loan with a lower interest rate. If your credit score is too low, seek debt counseling for specific advice about how you can improve your credit score.

    Budget for the unexpected

    When you receive debt counseling, you learn a lot about yourself and what led you to a bleak financial situation. Your trained credit counselor won’t judge, but will ask you to think about your financial priorities. Once you know how to budget and plan, you can better differentiate between wants and needs. Saving money for emergencies is a need. Once you consolidate debt and start a Debt Management Plan, you’ll have more money that isn’t allocated for bills and debt. You can use some of your funds to save. When you save and budget, you can better control and predict your cash flow.

    At Christian Credit Counselors, we can help you whether you have already reached your tipping point or are on the verge of losing your home, car or relationships due to debt. We work on your behalf by talking to your creditors so you don’t have to. With a lower interest rate, you’ll pay off what you owe in less time.

    Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

      Full Name (required)

      Email (required)

      Are you a current client of Christian Credit Counselors? (required)

      Type the code below in the text box. (required)
      captcha


      CCCc2abutton

      ​Read More
      Credit Counseling
      Credit Counseling

      Credit Counseling Tips to Avoid More Credit Card Debt

      Savvy credit card users don’t use their credit cards for emergencies because they have savings set aside. But what do you do if you already have so much credit card debt that you can’t save for the future emergencies? With credit counseling, you can get rid of credit card debt in record time. Credit counselors help people enroll in Debt Management Plans that make it easy to get out of debt in less time. According to a recent article by The Street, the tops ways to avoid racking up debt includes planning your daily spending and living below your means. When you consolidate your credit card debt with a reputable agency such as Christian Credit Counselors, you enjoy the benefit of having people on your side that will go to bat for you. Your credit counselor will negotiate a lower interest rate on your different credit cards by dealing with your creditors. While paying off your credit debt with a Debt Management Plan, you don’t have to put your life on hold. Make smart financial moves so you can avoid racking up credit card debt in the future.

      Using your tax refund wisely

      According to an article by Money, 7 out of 10 people in the U.S. use their tax refund to pay down credit card debt. If you follow the pack, you could be unnecessarily paying more in interest than you have to. You can put your tax refund in savings for future emergencies since you won’t use credit cards while enrolled in a Debt Management Plan. Having your tax refund in savings will give you peace of mind to know you’ll easily make your monthly payment even if other unexpected expenses come up. According to Money, the average tax refund is about $3,000.

      Downsizing before retirement

      The reason so many retirees talk about downsizing is because they know they will be on a fixed income during retirement. Many older people downsize by moving into a less expensive home. Even if you are years away from retiring, consider downsizing as a way to avoid racking up credit card debt. Another option is to refinance your mortgage so you have a lower monthly payment. If you rent, think about moving to a less expensive city or apartment community with lower rent. Other smart ideas include living in a multi-generational household so you can share housing expenses and other bills.

      Including savings in your budget

      Some people save only if they have money leftover at the end of the month. The concept of “paying yourself first” is about including savings as part of your budget. Some people make it automatic by letting the bank or brokerage firm take out a certain percentage from their account or paycheck for a 401(k) or other retirement account. Even though you might not notice a difference while you are working, you’ll be less likely to rack up credit card debt in retirement if you save while young.

      Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

        Full Name (required)

        Email (required)

        Are you a current client of Christian Credit Counselors? (required)

        Type the code below in the text box. (required)
        captcha


        CCCc2abutton

        ​Read More
        Debt Counseling
        Debt Consolidation

        Debt Counseling: 4 Ways to Maintain a Debt-Free Lifestyle

        Whether you go on a spending diet or carve out extra time in your day to earn money, debt counseling can help you maintain a debt-free lifestyle. A recent article by Personal Finance Cheat Sheet points out there are countless different methods and strategies for eliminating debt. One of the easiest ways to completely eradicate debt is through a Debt Management Plan that lets you pay off all your creditors with one simple monthly payment. After consolidating debt and automating your monthly payment, you may already feel the heavy weight lifted. You can start living a debt-free lifestyle while enrolled in a Debt Management Plan through a reputable debt counseling agency such as Christian Credit Counselors. A study by the Urban Institute found 35 percent of adults are dealing with debts that have gone to collections. According to Cheat Sheet, it’s important to figure out your weaknesses before choosing a personal finance management plan for yourself. Through debt counseling, you’ll figure out how to adopt better financial habits. Your goal is to avoid incurring any new debt after paying off your creditors.

        Beef up your savings

        If you experience an unexpected financial emergency, your options include asking friends or relatives for money, using a credit card or tapping your savings. By building up a large savings account, you can avoid running up a large credit card balance.

        Don’t carry a balance

        After you finish your Debt Management Plan, you may decide to keep one or two credit cards. Having some credit helps your credit score, but it’s not necessary to carry a balance. By paying off your credit card purchases right away, you can better manage your cash flow throughout the month. You don’t need to wait until you see your monthly statement to pay a bill.

        Buy an inexpensive car

        Cheat Sheet recommends buying an inexpensive used car as part of a debt-free lifestyle. Without a car loan, you’ll have more money to spend on other necessities. Experts such as Dave Ramsey recommend taking the money you would have spent on a car payment and putting it in a mutual fund so you can buy your next car with cash.

        Consider community college

        Whether you need to take college classes or you have children or grandchildren in school, consider community college. Community colleges is more affordable. Avoiding student loan debt is major aspect of the debt-free lifestyle. Other options include scholarships and using tax credits to attend college.

        Debt counseling gives you the edge you need to see how your spending habits affect the big picture of your financial future. Many people don’t think before they buy. Living below your means is easier to do when you have a solid budget that shows the difference between necessities and wants. Instead of running up debt, you can make more or spend less. Living a debt-free lifestyle takes some practice, but you can get it down as you gradually become free of debt. The team at Christian Credit Counselors talks to your creditors on your behalf so you get lower interest rates. You will feel good about yourself because you are doing the right thing by repaying what you owe.

        At Christian Credit Counselors, our accredited credit counselors provide debt counseling including help with understanding credit scores, budgeting, saving and avoiding financial scams.

        Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

          Full Name (required)

          Email (required)

          Are you a current client of Christian Credit Counselors? (required)

          Type the code below in the text box. (required)
          captcha


          CCCc2abutton

          ​Read More
          christian credit counseling
          Christian Credit Counselors

          Credit Counseling: Staying Out of Debt

          There’s plenty of information available about getting out of debt.  You know that one of the best methods for paying down debts is the snowball method–paying down the smallest debt first, then proceeding on to the next debt and committing the funds from the first payment to that one until it’s paid off, and so on and so forth.  You know how to restrict yourself while you’re paying down those debts so that you don’t continue making the problem worse.  But what about when you finally have those debts paid off? Credit counseling is about more than just paying off debts. It’s about learning how to avoid going back into debt once you’re free of that weight.

          Be proactive about Saving

          It is recommended that at least ten percent of your net income go into a savings account each month.  By committing that money to savings, when something catastrophic happens–an unexpected home repair; a car accident that totals the vehicle; a medical issue that requires expensive tests or treatments–you have the money there to fall back on.  It’s easy to say, “Well, I’ve got plenty in savings for now,” and ignore the possibility of something happening in the future that will cause a need for that money.  It’s harder to remember in the moment all the things that could cause you to need that cushion in the future.

          Round up Your Spending

          Have trouble keeping track of your spending?  Occasionally forget to write down small purchases, leading to overdraft charges in your account?  Get in the habit of rounding every purchase up to the next dollar.  This will help ensure that you always have a little bit of extra in your account to help absorb those “small” purchases.  Also, rounding up makes the math easier, so you’ll be more likely to write down and balance even the small purchases.

          Decide on a minimum amount to keep at the “bottom” of your account–$100, $500, or whatever amount works for you.  This is an amount that you don’t acknowledge, but that is there to catch “accidents”–those moments when an automatic payment comes out too early, or you mistakenly overspend.  When that happens, you have to pay yourself back out of your next paycheck; but you’re not left paying costly overdraft fees.  Once a quarter, check your account balance.  Be sure to account for any purchases that haven’t come out yet.  Then, move the extra money in your account over to savings.  You’ll be surprised how fast it adds up!

          Allot spending money to yourself and your spouse

          The quickest way to overspend is to constantly feel like you’re being deprived.  If you always have to walk past that splurge item that you really want, you’re going to start to feel like you’re never allowed to have anything–and you’ll start justifying purchases to yourself as a result.  Later, when you look back over your spending, all of those small purchases will add up to a much bigger number–and may make it difficult for you to stay on top of your other bills.  Instead, when you construct your budget, give yourself some spending money with each paycheck.  Make sure that your spouse has the same benefit!  The rule is, you can’t complain about what your spouse spends their spending money on.  If she wants to spend it on a pricey manicure, that’s her choice.  If he likes to grab a burger for lunch every day instead of packing a lunch, fine!  That money just comes out of spending money instead of out of other budgeted areas.

          Plan ahead for major purchases

          Do you know that you’re going to want to replace your car in two years?  Put money aside for that each month until it’s paid for.  It’s just like making a car payment, only you’re paying for it beforehand.  Know that you have an appliance that is nearing the end of its life?  Save for it before going out and buying a new one to avoid having to pull that money out of your primary savings account.  Try to maintain a long view of the things that you’re going to need so that you’ll be less likely to be caught off guard.

          Maintain an attitude of gratitude

          It’s easy to look around and see all the things that you don’t have, to wonder why you don’t deserve the same things your neighbors or friends take for granted, or to justify “deserving” things that you can’t afford.  To help offset those thoughts, try being grateful for what you do have.  Sure, your car isn’t the newest model on the market; but it is reliable.  Your dishwasher doesn’t get things as clean as you’d like anymore, but it’s still taking care of what you really need it to do.  Your kids are healthy.  You have a roof over your heads.  Those are the important things–and being grateful for them will help you to appreciate them more.

          Getting into debt is easy.  Staying out of debt and living within your means is hard, but it’s well worth the effort.  The first time you’re able to pay for a major purchase without reaching for your credit card, you’ll discover just how proud you are of what you’ve managed to accomplish–and just how worth it learning to live within your means can be.  Need help getting started?  Contact us to see how we can help you get out of debt and stay there.

          Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

            Full Name (required)

            Email (required)

            Are you a current client of Christian Credit Counselors? (required)

            Type the code below in the text box. (required)
            captcha


            CCCc2abutton

            ​Read More
            debt consolidation
            Debt Consolidation

            Debt Consolidation and Other Money Management Tips

            Keeping your financial strategies as simple as possible can give you an edge. When your money is easier to manage, you are more likely to stay on track with paying bills on time, saving and getting out of credit card debt. Debt consolidation is one way to simply your finances, but there are other strategies you can employ as well. According to a piece by Business Insider, a simple financial life often leads to a secure financial life. To streamline your finances, consider engaging in Christian credit counseling with a reputable agency with a proven track record for helping consumers get out of debt. A trained and certified credit counselor will help you manage your bills with a Debt Management Plan that rolls all of your credit card bills into one monthly payment.

            Consider auto pay

            If possible, set up your monthly Debt Management Plan payment so it automatically comes out of your checking account each month. That way you never have to worry about a late or missed payment. When it comes to your other bills such as utility bills or car payment, put your bills on auto pay. Automating your finances also comes into play with retirement accounts. You can have money automatically deducted from your paycheck and saved into a retirement account.

            Consolidate your credit cards

            According to Business Insider, another great way to simply finances is to consolidate credit cards and bank accounts. Through an agency such as Christian Credit Counselors, you can consolidate not only credit card but also medical and unsecured debts. It’s also smart to get rid of dozens of different bank accounts. Instead of trying to keep track of multiple accounts, pick one or two that provides you with everything you need.

            Budget with different programs

            Be as creative and high-tech as you want with your budgeting. From phone apps and financial blogs to financial calculators and financial software packages, the different tools for budgeting has grown dramatically in the last few years. By enrolling in on-line banking, you will better monitor your spending.

            If you don’t have time to make all the changes to your finances now, set up reminders on your electronic calendar or simply write your financial goals and plans. Contacting Christian Credit Counselors can help you get started implementing your plans for debt consolidation and budgeting. At Christian Credit Counselors, we encourage people who feel overwhelmed with credit card debt to find peace of mind through a Debt Management Plan that makes managing finances easier. Many clients get out of debt 80 percent faster with our methods.

            Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

              Full Name (required)

              Email (required)

              Are you a current client of Christian Credit Counselors? (required)

              Type the code below in the text box. (required)
              captcha


              CCCc2abutton

              ​Read More
              debt consolidation
              Debt Consolidation

              Debt Consolidation – Avoiding Desperate Financial Problem

              It’s great when your “numbers” surpass that of your peers, but not when the numbers tally the amount of debt you have. A recent article by wallstcheatsheet explains how massive debt is akin to being in financial quicksand. While most people need to establish credit, you don’t need to carry a balance to have a good credit score. When it comes to credit card debt, it is difficult to know whether you have too much debt. By receiving credit counseling, you can get that reality check you need to improve your personal finances. If you discover you are carrying too much debt, consider debt consolidation to more easily knock out your debt once and for all.

              You have above-average debt

              When you compare yourself to other people your age, it is a positive sign if you have less debt than the average. Experts say the average consumer debt is about $28,000, reports wallstcheatsheet. Meanwhile, the average person in the U.S. carries 2.18 credit cards in addition to about one and a half retail credit cards. If you break it down according to age, the average credit card balance for a millennial in their 20s is about $2,600 compared to about $5,300 for Generation X in their 40s and baby boomers in their 50s and 60s. Senior citizens have an average credit card balance of about $3,000.

              You have a poor debt-to-income ratio

              Most people learn about their debt-to-income ratio when they go to apply for a mortgage loan. You can figure out your debt-to-income ratio on your own as a way to gauge whether you have too much credit card debt. By going through a debt consolidation program, you make it a lot easier to get out of debt. Once you are out of debt, your ratio dramatically improves as long as you maintain a steady income. According to wallstcheatsheet, it is ideal to have a ratio of 28 percent. Simply add up your debts and then divide your debt total by your income for the month. Experts say it is difficult to qualify for a mortgage if your debt-to-income level is above 43 percent.

              You have a low net worth

              If you have a negative net worth, it means you owe more than all of your assets including a car, jewelry, clothing, home or money in savings or retirement. If your net worth is negative or in the low territory, you will benefit from debt consolidation. Experts say you can calculate your net worth by adding up everything you own and subtracting all of your credit card, mortgage and other debt. If you are upside down on your mortgage, your home is a liability rather than an asset. A report by the Federal Reserve shows people younger than 35 have a net worth of about $10,400, while people 35 to 45 have a net worth of about $46,000. People age 55 to 64 have a net worth of about $165,000.

              At Christian Credit Counselors, we have trained and accredited credit counselors who don’t judge your situation. They can help you get on a Debt Management Plan so you knock out debt before it damages your future.

              Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

                Full Name (required)

                Email (required)

                Are you a current client of Christian Credit Counselors? (required)

                Type the code below in the text box. (required)
                captcha


                CCCc2abutton

                ​Read More
                Credit Counseling
                Credit Counseling

                Credit Counseling: Going Beyond a Good Credit Score

                Some people think their main financial challenge is having a low credit score. Perhaps a finance officer turned them down for a mortgage loan or offered them a double-digit interest rate on an automobile loan due to a poor credit score. When you receive prudent credit counseling from trained professional, you learn about a good credit score and how to budget, save, boost income and pay off debt through debt consolidation. According to a piece by Credit.com, a great credit score won’t solve all of your financial problems. A lot of people with a good credit score still have too much consumer debt. With credit counseling from a reputable organization such as Christian Credit Counselors, you can improve all aspects of your personal finances. When it comes to improving your credit score, there are a few issues to consider.

                Realize your credit card score changes

                When you first sign up for a Debt Management Plan, your credit score could take a temporary dip. Most creditors agree to a lower interest rate so you end up owing significantly less money. As you pay off your debt with one simple debt repayment each month and make other wise financial moves, your credit score will likely increase. According to Credit.com, you can increase your credit score by paying bills on time.

                Reduce your number of credit cards

                Many people can’t handle possessing too many credit cards. Some experts recommend people carry only two credit cards. If you have credit cards as well as department store credit and gasoline cards, you risk being disorganized and missing due dates. By consolidating your unsecured debt, you get a fresh start. After becoming debt free, many people streamline their personal finances but still use one or two credit cards with low-interest rates.

                Improve your cash flow

                Just because you have a lot of credit doesn’t mean you have the income to pay your minimum balance much less the entire balance due. If you run up your credit cards and then experience a job loss, it’s likely you’ll run into financial problems. By finding different streams of income and keeping your debt at a minimum, you’ll have your financial bases covered during income droughts. Experts recommend you use a low percentage of your available credit. Reaching your credit limit isn’t your goal. Different ways to improve cash flow include investing in dividend-paying stocks, receiving rental income from a property, asking or a pay raise and getting a second job.

                Set a realistic budget

                With credit counseling, you’ll learn how to set a realistic budget. Your budget should include housing expenses, food, cellular phone, gasoline and transportation costs, schooling, childcare if applicable and debt repayment. With debt consolidation, the debt repayment part of your budget is more predictable.

                Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

                  Full Name (required)

                  Email (required)

                  Are you a current client of Christian Credit Counselors? (required)

                  Type the code below in the text box. (required)
                  captcha


                  CCCc2abutton

                  ​Read More
                  Credit Counseling
                  Credit Counseling

                  Credit Counseling: Treating Debt like a Financial Emergency

                  Some people use their credit cards when they have a financial emergency. But what do you do when you have maxed out your credit cards and depleted your savings accounts? By treating your credit cards like a financial emergency, you will have fewer worries. A smart way to tackle debt is with a debt consolidation plan. After seeking credit counseling, many people end up paying off their credit card debt faster than the DIY person. According to an article by Nerd Wallet, most people by now have forgotten their New Year’s resolutions such as paying off credit card debt. Credit card debt can burn a hole in your wallet, which is why it pays to get a fire burning on a metaphorical level. Nerd Wallet points out there are several reasons to start paying off credit card debt as soon as possible.

                  Pay less in interest

                  When you work with a credit counseling agency such as Christian Credit Counselors on a Debt Management Plan, you end up paying less in interest. Not only do you pay less interest because you stop running up new debt. You also pay less because the trained and skilled credit counselors negotiate lower interest rates and terms for their clients. Your creditors agree to repayment terms so you so you can fulfill your legal obligations to them. Instead of paying double-digit interest rates on high-interest cards, you could end up paying just a fraction in interest.

                  Get out of revolving debt

                  One of the most frustrating things about paying the minimum you owe on a credit card bill is that you never seem to get out of debt. Although it’s good to pay your bills on time, it’s even better to pay off your balance in full. For many people, it’s simply not realistic or possible to make one payment to satisfy all they owe on a credit card. Even with a large tax refund check or unexpected windfall, you can’t always pay off the entire balance. However, by consolidating debt, you end up with a manageable and realistic monthly payment. In a short amount of time, you will be completely debt free.

                  Free up money in your budget

                  It’s difficult for senior citizens to live on a fixed budget, but they aren’t the only ones struggling to make ends meet. Most people in debt live paycheck-to-paycheck. Once you receive credit counseling and agree to a Debt Management Plan, you will better manage your debt instead of letting your debt manage you. Without the financial commitment of a dozen different credit card bills, medical bills and unsecured debt, you will have more money left every month to save, invest and spend on items you want or need. Also, you have the peace of mind knowing you are also tackling that debt even though it feels easy and simple with a debt repayment plan.

                  At Christian Credit Counselors, we enjoy helping our clients achieve complete financial freedom and peace of mind. If you want to start treating debt like a financial emergency, we can show you how to stomp it out for good.

                  Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

                    Full Name (required)

                    Email (required)

                    Are you a current client of Christian Credit Counselors? (required)

                    Type the code below in the text box. (required)
                    captcha


                    CCCc2abutton

                    ​Read More
                    Debt Counseling
                    Debt

                    Debt Counseling, Credit Card Debt, and Your Savings

                    One in four Americans have as much more credit card debt than they have in emergency savings, according to a new Bankrate.com report. With credit cards maxed out and not enough in savings, many people teeter on the verge of financial ruin. By receiving debt counseling while there’s still time, you can avert a major financial crisis. According to the Bankrate.com report, 13 percent of people have no emergency fund and no credit card debt. Meanwhile, 24 percent have more credit card debt than emergency savings. People in the 30 to 49 age category are struggling the most financially, which is the time when people need money most to care for children. With the help of certified and trained credit counselors, you can take care of both sides of the equation. Debt counseling not only helps you get out of a credit card debt, but sheds light on savings strategies. When it comes to improving your financial situation, there are things you can do to improve your net worth.

                    Ask for a pay raise

                    The report showed 24 percent of people feel more secure with their careers now than they did a year ago. Don’t be afraid to ask for a pay raise at your job. You can’t receive unless you ask. When you get a pay raise, funnel the money into an emergency savings account.

                    Consolidate your debt

                    Experts say 16 percent of those surveyed said their overall financial situation is worse compared to a year ago. To turn things around, consolidate your debt by enrolling in a Debt Management Plan. At Christian Credit Counselors, we negotiate with your creditors on behalf of our clients. We typically get them a lower interest rate.

                    Boost your net worth

                    Other ways you can improve your finances is to find ways to build your net worth. The report showed about a quarter of Americans felt better about their net worth. One easy way to build net worth is to switch from renting to owning. With debt counseling, you can find out how to manage your money and improve you credit score so home ownership is a more realistic option.

                    The survey by Princeton Survey Research Associates International also found men felt better about their financial situation compared to women, who experienced greater financial insecurity. Many couples receive debt counseling together, which helps them tackle debt as a team.

                    At Christian Credit Counselors, we work with families, couples and individuals to help them consolidate credit card and other unsecured debt. Our credit counselors take a non-judgmental approach. Many clients experienced dramatic success, knocking out their debt 80 percent faster than other methods.

                    Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

                      Full Name (required)

                      Email (required)

                      Are you a current client of Christian Credit Counselors? (required)

                      Type the code below in the text box. (required)
                      captcha


                      CCCc2abutton

                      ​Read More