Credit Counseling: The Best Debt Advice for Different Age Groups

Jeanne McTaggartCredit Counseling

Credit Counseling

Financial counselors have a lot of experience helping people of different age groups make positive changes to their behavior so they become financially stable. No matter what your age, financial stability is likely a high priority. According to an article by bankrate.com, people of all ages with credit card debt get ahead by seeking credit counseling. When you receive Christian credit counseling, you often feel financial burdens disappear due to sound and practical advice. Experienced credit counselors share their best tips for people of any age who want to fix their credit.

Taking care of bills in your 20s

By paying your bills on time, you avoid collection calls. Experts point out if you take care of your bills by paying them on time, your credit score takes care of itself. For those who are already behind or feel overwhelmed by high credit card debt, another great option is to sign up for a debt management plan. A credit counselor talks to your creditors to work out a plan that often reduces your interest rate and lets you get out of debt significantly faster. In your 20s, focus on paying your bills on time and following a budget. Tracking expenses and handling daily living expenses with a realistic budget protects your credit score in the long run.

Saving for retirement in your 30s

By the time you reach your 30s, you should have at least 10 percent of your income going into a retirement account. If credit card debt stands in the way of retirement savings, pay off your debt as quickly as possible with a debt management plan. Although retirement savings does not affect your credit score, it does help indirectly. With a Roth IRA, you essentially have an emergency savings account that you can tap instead of running up credit card debts in a tight spot.

Assessing goals in your 40s

Credit counseling gives you an opportunity to assess your goals. It is important to figure out where you have been and where you are going in the context of your current lifestyle. A credit counselor helps you figure out your wants versus your needs as it relates to savings and paying off debt.

Paying off debts in your 50s

By the time you reach age 50, you should catch up on retirement savings goals and pay off debt as quickly as possible, experts say. It is a lot easier to live on a fixed income in retirement with no credit card debt. You are never too old for credit counseling. In your 50s, if you aren’t able to pay your credit card bills in full each month, consult with a credit counselor to consider debt consolidation.

At Christian Credit Counselors, we focus on debt consolidation as a way to help our clients get out of credit card debt. To boost your credit score and alleviate stress related to credit card debt, please contact us.

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