May 26, 2015

Debt Counseling

While having a lot of money doesn’t always make you happy, some people experience more depressive symptoms because of overdue bills. According to a new study out of the University of Wisconsin-Madison, there is a link between depression and credit card payments that are past due. Money problems strongly affect pre-retirees and unmarried people. If you are nearing retirement age, you already have enough stress in terms of saving up for retirement. Unmarried people don’t have the backup income or support of a spouse. Fortunately, you can benefit from debt counseling no matter who you are. Trained credit counselors use a non-judgmental approach to help you get back on track financially. If you are feeling depressed, it’s important to talk to a member of the clergy and your doctor. Following through with debt counseling gives you financial tools so you don’t feel as powerless.

Start with a debt analysis

In addition to talking to medial professionals about your symptoms of depression, it’s smart to contact a non-profit credit counseling and debt management organization such as Christian Credit Counselors. You will receive a complementary debt analysis and budget.

Consolidate your debt

If you struggle to make the payments on several credit card bills, one solution is to consolidate your debt. If you thought it would take you 30 years to pay off your credit card debt, you would likely feel extremely hopeless. With a Debt Management Plan, the payoff time range is often just 24 to 60 months or less time than it takes most people to pay off a car loan.

Enjoy the savings

Debt counseling shows you how to manage your personal finances so you live within your means. You also start saving money by not putting items on credit. Trained credit counselors lower your interest rates by negotiating with your creditors. You also save money by learning how to operate in life without relying on credit cards.

Whether you are close to retirement age or are single, you need money set aside for the future. Single people who don’t have financial support from others need a hefty emergency savings account. Pre-retirees need to max out their retirement contributions, taking advantage of catch-up contribution provisions offered by the IRS. With debt counseling, you get the edge you need to save.

At Christian Credit Counselors, we offer a debt management program to help you avoid debt settlement scams, bankruptcy and the helpless feelings and sadness tied to debt. We have helped more than 300,000 Americans become debt free. Let us negotiate a program for you.

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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