Debt Counseling, Credit Card Debt, and Your Savings

Jeanne McTaggartDebt

Debt Counseling

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.

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