A new study by CardHub shows credit card levels are spiraling out of control and reaching unsustainable levels. Whether you are good at math or not, there are many benefits to debt counseling. With the help of a Christian credit counselor, you get the help you need to overcome your financial challenges. Making positive choices often leads to positive outcomes. According to an article by seekingalpha.com, some consumers forgot the lessons of the Great Recession. Oddly, some experts suggest the problem is people are too optimistic. Although it is not good to worry, it is important to have greater awareness of your household debt.
It makes you more aware
Debt counseling makes you more aware of your financial situation. By talking to a credit counselor, you get the motivation you need to face your fears. A good plan is to write down all of the credit debt you have as well as regular bills such as car payments or rent payments.
It gives you hope
Debt counseling gives you hope because you learn about debt consolidation. With a debt management plan, there is often hope to pay off all of your credit card debt. A credit counselor with training will consult with your debtors to lower your interest rate. You also get an end date in terms of when you can pay your credit card debt in full. With automatic payments, you don’t have to worry about missing your debt management plan payment.
It improves your credit over time
When you improve your credit score, you open up the door to new possibilities such as an approval for a car loan at a lower interest rate or a mortgage. While your credit score won’t go up over night, a higher FICO score is something many people enjoy after receiving debt counseling.
At Christian Credit Counselors, we provide debt counseling to consumers who are ready to make a positive change in their lives. For more information about budgeting and how to pay off credit card debt that has spiraled out of control, please contact us.