Debt Counseling Teaches Financial Conscientiousness

Jeanne McTaggartDebt Consolidation

You and your Money Conscious

Debt counseling is a necessary component when you decide to consolidate debt. Debt consolidation without any kind of credit counseling is only treating the symptom. Even if you got into credit card debt because of unexpected medical bills or natural disaster that had nothing to do with your conscientious financial habits, a debt counselor can still teach you about planning, savings and budgeting.

According to a recent article by Forbes, one of the most important attributes that leads to success with money and career is conscientiousness. Although some experts believe that conscientiousness is a personality characteristic, it’s possible to become more conscientious.

Doing more than moving around debt

Debt consolidation isn’t just about moving debt around. It’s about meeting your financial obligations by paying off your debt. The reward is that you can pay off all your credit card debt in less time and with a lower interest rate.

Perfecting the art of budgeting

With debt counseling, you can learn how to incorporate debt repayment into your budget. After you complete your Debt Management Plan to pay off credit card debt, you will have extra money every month that can go into an emergency savings fund. After you build up savings, you can contribute to a retirement account or save up for a home or new car.

Earning a promotion at work

Debt counseling can teach you discipline in all areas of life. With your career, you may decide to seek a promotion or get more training to advance in your career. Conscientious people get to work on time, according to a study by Washington University in St. Louis cited by the Forbes article. Debt counseling can help you with everything from paying bills on time to being to work on time.

Setting attainable goals

The study also found that successful people who are conscientious don’t give up on their goals just because they seem difficult. They simply readjust their goals so they can meet smaller goals. A trained and certified credit counselor can help you set financial goals as well as work with you on your Debt Management Plan. You can learn tips for boosting your credit score and maintaining a good credit record.

Just because you get out of credit card debt doesn’t mean you will never borrow money again. The key is responsible borrowing. Know the risk/reward for any money you borrow vs. money you can save, invest or spend on other things.

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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