Debt Counseling
Budgeting, Debt

Finances, Debt Counseling, and Marriage

Money and Marital Bliss

According to the Huffington Post, marriage is not just an emotional commitment but a financial one as well. When you enter into a marriage, you often share wealth as well as debt. Money problems are the top reasons cited for marital conflicts. When you seek debt counseling with your spouse, you are more likely to build financial intimacy.

Money tips for Marriage

  • Set Financial Goals
  • Seek Credit Counseling
  • Discuss Financial Habits
  • Talk about Money Decisions
  • Be honest
  • Talk at least once a month
  • Set benchmarks for your finances (Saving for retirement)
  • Set a budget

Setting a Debt Management Plan

After receiving debt counseling, you will know more about debt consolidation to handle credit card debt. If you have credit cards with high interest rates, you can often pay less in interest with debts under the umbrella of a debt management plan.

Couples can celebrate small financial victories such as sticking to a budget or saving money when grocery shopping for the week. After paying off credit card debt with a debt management plan, you can find low-cost ways to celebrate. Many couples take the money they used to spend for their monthly debt payment and use the money to fund a vacation, IRA or emergency fund.

Other financial questions to discuss with a credit counselor and your spouse include how to pay bills together, plan for the future and improve credit scores. A trained credit counselor doesn’t judge, but helps facilitate hard conversations about money.

 

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    Credit Counseling
    Credit Cards, Credit Counseling, Debt, National Debt

    Credit Counseling and Rising Debt

    Debt and Credit Counseling

    Household debt is reaching unsustainable levels, according to a report by NerdWallet. Another article in The New York Post states the average household debt in the U.S. is about $16,000. By arranging credit counseling or yourself and your family, it is possible to deal with staggering credit card debt. Most Americans pay a lot of money to cover interest charges over the years.

    Though, those statistics only take into account families carrying debt. Experts point out many Americans defaulted on their credit card debt in 2008 during the Great Recession. Instead of declaring bankruptcy, a positive solution is debt consolidation. A trained and certified credit counselor helps you avoid debt settlement scams and bankruptcy.

    Credit Card Debt and Your Roth IRA

    According to some reports, many Americans pay as much as 20 percent every month in interest. The best way to deal with staggering debt is to consolidate your payments through a debt settlement plan. Your creditors typically agree to lower the interest rate while you pay back the money you owe. The plan is simple because you only make one payment every month to satisfy all your credit card creditors. With an automated payment plan, the process becomes simple and stress-free.

    According to the report, American households pay more than $6,000 a year in interest. With an extra $6,000 each year, you can easily max out a Roth IRA or other retirement account as well as save for the future.

    Revolving Credit Card Debt

    According to an article in Mainstreet, paying down credit card debt is a top priority for Americans. But it could take up to 40 years for some families to pay down their credit cards, if they only pay their minimum payments every month. With the New Year on the horizon, make paying off debt a resolution.

    With credit counseling, you learn how to stop the revolving credit card debt trap. A debt consolidation plan stops the bad cycle because you stop using credit cards as you pay off a debt management plan.

     

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      Debt Counseling
      Budgeting, Credit Counseling, Credit Score, Debt, Finance, Holiday Tips

      Debt Counseling and Holiday Credit Card Debt

      Debt Counseling and Christmas

      Most people love spending money on their family and friends, wrapping presents with shiny bows and watching their expressions as they open gifts. However, Christmas is a bittersweet holiday for people with excessive credit card debt. By seeking debt counseling before or after the holidays, you take control of your holiday credit card debt.

      According to an article in the Huffington Post, many shoppers experience the shopping hangover after major shopping days such as Black Friday. Even if you shop on major sale days, you don’t get ahead by using credit cards if you can’t pay them back. Revolving credit card debt is at the highest level it has been in several years, according to the Federal Reserve. Debt counseling gives you an edge so you start the New Year on the right path.

      Credit Card Debt Repayment

      If you can only afford to pay the suggested amount due or minimum due, you will benefit from debt consolidation. By receiving debt counseling, you find out how to budget to pay back all of your credit debt as well as monthly bills and expenses. With a debt repayment plan, you figure out how to get out of credit card debt for good.

      By consolidating debt you pay off credit card debt and satisfy your creditors. If you take a different approach such as using a balance transfer credit card, you could end up running up even more credit card debt. Debt counseling helps many consumers overcome the temptation to keep putting items on credit instead of setting the credit cards aside.

      Credit Counseling and your Finances

      If you just want a short-term fix, pay your minimum balance or transfer credit card balances to a new credit card. However, experts say most credit cards charge a 3 percent transfer fee. Also, paying the minimum amount doesn’t lower your interest rate. A credit counselor helps you actually lower the interest you pay on your credit card debt so you pay it all off in less time. A long-term fix is about examining your spending habits, learning how to boost a credit score and budgeting. Many consumers fall into traps. You can change your spending and savings habits with a few simple personal finance tricks.

      Although the holidays are all about giving, it is a good time to treat yourself to debt counseling. With a proper budget, you can buy loved ones holiday gifts and avoid lingering debt.

       

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        Debt Consolidation
        Debt Consolidation

        Debt Consolidation Instead of Dipping into Your Savings

        Saving Money for your Savings Account

        When it comes to credit card debt, some experts recommend dipping into your non-retirement savings to pay off your debt. However, people without adequate emergency savings rarely stop the cycle of credit card dependence.

        With a debt consolidation plan, you are more likely to get out of credit card debt for good. A trained credit counselor works to lower your interest rate, giving you a solid debt management plan with a target payoff date so there is light at the end of the tunnel.

        Tapping cash reserves is often risky because your credit card company could choose to close your account or lower your credit limit. If you are dealing with an unexpected financial emergency, it pays to have at least three to six months of living expenses set aside in a liquid account. Some consumers choose debt consolidation as a way to get rid of debt, but aren’t sure how to handle their savings goals and habits.

        Finances for the Future

        According to a Journal of Family and Economic issues study, people with household debt often feel depressed. By lowering debt and boosting savings, you improve your mood and outlook on life. Debt consolidation helps you get out of debt, which is especially important for people who are single, ages 51 to 64 and without a college degree, the study found.

        Saving More Money

        In addition to saving more money now by lowering your interest rate on credit cards, debt consolidation helps you lay a better financial foundation for the future. After you complete your debt management plan, you can shuffle the money used to pay off credit cards to beef up your emergency fund. It is also a good idea to set at least 10 percent of your income aside for retirement savings.

        With help from a Christian credit counseling agency, you repay your debt to meet obligations and set yourself free from negative guilt and remorse. Many people who complete a debt management plan feel motivated to advance in a career or save more for the future because of the fresh start and feeling of gratification and completion. In some cases, you pay off credit card debt 80 percent faster with debt consolidation compared to other financial strategies.

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          [button shape=”rounded” size=”regular” float=”none” circle=”true” href=”https://christiancreditcounselors.org/wp-content/uploads/2015/11/Budgeting-Handouts.pdf” target=”blank” info=”none” info_place=”top” info_trigger=”hover”]Free Work Sheet[/button]

           

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          Debt Counseling
          Debt

          Debt Counseling for First-Time Credit Card Holders

          Credit Cards and Financial Predicaments

          If you are a first-time credit card holder, you likely viewed the card as a vehicle for getting you where you needed to go in life. Whether you used your credit card to pay for a new computer, clothes or vacation, the idea of maxing out a credit card scares many new card users. By receiving debt counseling you can prevent a financial predicament as well as solve the problem of runaway debt. A recent article by cnbc.com suggests using the card to build up a good and solid credit card history. By talking to a trained and certified credit counselor, you learn what makes up a good credit report as well as ways to budget and plan for financial emergencies.

          Mounting Debt

          Experts say one of the reasons young credit card holders face a mountain of debt is because they associate a lot of fun and pleasure with credit card use. It is fun to swipe a credit card as opposed to parting with cash. To overcome the challenge, seek debt counseling. Budgeting, saving and planning is often fun when you get creative about your goals. For example, reward yourself with a special reward for staying on budget or meeting savings targets. Plan a major reward for yourself after completing a debt management plan to pay off all your credit card debt.

          Lowering Credit Card Interest Rates

          Many first-time credit card holders feel duped into credit cards with high interest rates. Instead of feeling helpless, rely on a Christian credit counseling agency to negotiate lower interest rates with your creditors. High interest rates of 18 percent or higher are not uncommon, but you can realistically achieve a lower rate by consolidating your debt.

          Monitoring Your Credit Report

          With debt counseling, you also learn how to monitor your credit report. When you become aware of what makes up a good credit score and report, you take the action steps to improve your situation. A good credit score affects your ability to buy a home, take out a car loan as well as get a job in some cases. Misusing credit cards is a common predicament but a credit counselor provides non-judgmental guidance.

           

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            [button shape=”rounded” size=”regular” float=”none” circle=”true” href=”https://christiancreditcounselors.org/wp-content/uploads/2015/11/Budgeting-Handouts.pdf” target=”blank” info=”none” info_place=”top” info_trigger=”hover”]Free Work Sheet[/button]

             

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            Debt Counseling
            Credit Counseling, Debt

            Debt Counseling – When Financial Problems Sneak up On You

            Signs of Financial Trouble

            Past due statements, accounts closed without you and payments that reflect the minimum due are of few of the red flags that you need debt counseling. If financial problems are sneaking up on you, the best solution is to confront your reality and take positive steps to remedy the situation. According to a piece by cheatsheet.com, there is nothing to feel ashamed about if you have credit card debt that is higher than you realized.

            Relying on your credit card too often is an innocent habit that turns into a larger problem if left unchecked. Instead of remaining in denial, consider the signs of financial trouble. By enrolling in a debt management plan through a Christian credit counseling agency, you turn a negative into a positive situation. When you are completely debt free, every purchase you make will feel sweeter because you can afford the item.

            Borrowing money from others

            If you borrow money from family and friends, it can either be a positive or negative sign. Some people borrow money or take financial gifts from relatives so they can avoid running up credit cards. If you have to pay back a friend or relative, it can strain the relationship. Also, if you turn to friends or family because you have already maxed out your other sources of loans and credit, it is a major financial mistake.

            Dealing with bill collectors

            Another warning sign you your financial problems are interfering with your life is when you receive calls from bill collectors. With the help of a trained and accredited credit counseling agency, you don’t need to worry about bill collectors. A credit counselor talks to your creditors for you to come up with an agreed upon plan for debt repayment. For you, it’s all about making one monthly payment. For your creditors, it is about making right on money owed to them.

            Credit Cards and Debt

            If you rely on credit cards to pay for the basic necessities such as food and gasoline, it is likely you have too much debt. With debt counseling, you learn how to budget so you spend your paycheck on necessities first. Discretionary purchases include cigarettes, alcohol, entertainment, clothing other than work clothes and luxury items.

            Feeling paycheck dependent

            If you need your paycheck to make your monthly rent or mortgage, it means you don’t have enough in savings to cover one or two months of expenses. With debt counseling, you learn how to save up for emergencies as well as for fun vacations and holidays.

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              [button shape=”rounded” size=”regular” float=”none” circle=”true” href=”https://christiancreditcounselors.org/wp-content/uploads/2015/11/Budgeting-Handouts.pdf” target=”blank” info=”none” info_place=”top” info_trigger=”hover”]Free Work Sheet[/button]

               

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              Uncategorized

              Financial Planning – A Fresh Start for the New Year

              Finances and the New Year

              With the New Year approaching, it is the perfect time to evaluate your current financial situation, set new financial goals, and establish budgeting strategies. Whether your credit is in great shape or you are struggling to maintain or improve your credit, it is important to pull your credit reports at least annually and review them for errors.

              Click below for instructions on how to pull your credit for free from www.annualcreditreport.com

              [button shape=”rounded” size=”regular” float=”none” circle=”true” href=”https://christiancreditcounselors.org/wp-content/uploads/2015/11/Pulling-your-Annual-Credit-Report.pdf” target=”blank” info=”none” info_place=”top” info_trigger=”hover”]Free Credit Report Instructions[/button]
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              In addition to reviewing your credit, review your assets and take the time to think about your short, mid, and long term financial goals. The only way to make those goals a reality is to setup a plan to save money every month.

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                Debt Consolidation
                Debt Consolidation

                Debt Consolidation – Forgiving Yourself of Credit Sins

                Credit Cards and Financial Health

                Misusing credit cards affects your financial health, security and future. You can easily forgive yourself of so-called credit sins by seeking assistance from a Christian credit counseling program. One of the most positive ways to get back on track is with debt consolidation. According to an article by cheatsheet.com, 30 percent of your FICO score relates to how much you owe on credit cards. If your balance gets too high and you can’t pay off the total balance, debt consolidation can help. The key is to stay calm and avoid several credit blunders.

                A Five Step Debt Management Plan

                Creditors and Debt Collectors

                One of the challenges you often have to deal with when you have a high credit card balance is debt collectors and representatives from your credit card companies. By working with a credit counselor, you put the problem in someone’s capable hands. Calls stop after you sign up for a debt management plan because your creditors agree to a specific monthly repayment plan. To get to that positive place, put aside anger.

                Your Personal Finances

                Another credit blunder is refusing to seek personal finance help because of pride. A lot of people seek Christian credit counseling because they don’t want to feel shamed or ridiculed for mistakes. A certified credit counselor with a Christian mindset will give you advice on debt consolidation without judgment.

                Embracing Frugal Finances

                No matter what your situation, you can find new and creative ways to practice frugality. Another credit “sin” is to pay only the minimum balance on a credit card. When you resist the temptation to overspend, you fix the problem instead of exasperating it.

                Credit Cards and Debt Management

                When you agree to a debt management plan to pay off debt, you stop using your old credit cards. It is also important to stop opening up new credit lines. A credit counselor helps you budget, plan and save so you can avoid repeating the same financial mistakes.

                Overcoming Credit Problems with Contentment

                When you find happiness with the things you already own instead of constantly wanting something bigger or better, many of your credit problems disappear. After getting on board with a debt consolidation plan, give yourself some space to feel happy. Instead of soothing your stress and troubles by spending money, find other ways to relax such as a free walk in nature or time with friends and family.

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                  Debt Consolidations
                  Debt Consolidation

                  Debt Consolidation – Combating Holiday Credit Card Debt

                  Setting Financial Goals

                  By planning ahead, it’s easy to combat holiday credit card debt that puts you behind with New Year’s resolutions and financial goals. According to an article by the Pittsburgh Post-Gazette, the best approach is to plan ahead to avoid holiday binge buying. By talking to a Christian credit counselor, you learn about debt consolidation. Whether you sign up for a debt management plan before or after the holidays, you will have a strategy in place. Experts say paying off credit card debt is an important step to financial freedom and balance. Depending on your personality, financial habits and goals, the payoff date will differ. Thirty-eight percent of households deal with credit card debt, according to statics by Nerdwallet.com.

                  Paying off Credit Card Debt

                  One decision to make is whether you want to move around your credit card debt or get it paid off. Balance transfers buy you time if you want to take debt from a high interest credit card and move it to a zero percent card. The downside is the introductory interest rate doesn’t last. Most people get stuck paying an extremely high rate. A better option is debt consolidation through a reputable credit counseling agency such as Christian Credit Counselors. Because holiday shopping occurs typically at the end of the year, you will likely run up an old credit card if you transfer the balance.

                  Debt Management and Gift Giving

                  When you sign up for a debt management plan before the holidays, you stop using your credit cards. Although it is likely too late in the year to save up a holiday gift fund so you can buy gifts with cash, you can save money by making homemade gifts or providing gift certificates for services such as mowing a loved one’s lawn or back rubs. Your loved ones will likely appreciate a crocheted blanket more than a cash gift because it represents time spent and effort.

                  Listening to Financial Experts

                  If you accumulated a lot of debt throughout the year, it’s good to step back and evaluate where you have been. Before you get carried away with the holidays, talk to debt consolidation experts. In addition to consolidating debt, you find out how to budget, save, plan, improve your credit score and organize financial matters. Instead of leaning on your own understanding of financial matters, take the bold step to ask for help. A trained credit counselor doesn’t leave it to you to contact your creditors. Instead, the experienced credit counselors contact your creditors and work out a plan so you can pay back your debt. The holiday gift for you is a lower interest rate on what you owe as well as the peace of mind and joy of having a payoff date and realistic monthly payment.

                  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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                    At Christian Credit Counselors, we help our clients with debt consolidation so they get out of debt 80 percent faster than other strategies. For more information on how to financially plan ahead for the holidays, please contact us.

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                    Credit Counseling
                    Credit Counseling

                    Credit Counseling as a Positive Solution to ‘Forever’ Debt

                    Getting Unstuck from Debt

                    If you feel stuck in credit card debt for eternity, there are positive steps you can take. With credit counseling, you learn how to adopt positive financial habits or a different outcome. According to a recent article by Kiplinger.com, one personal finance survey discovered that 13 percent of people said they will never pay back all the money they owe. Eight percent didn’t think they could pay back all of their debt until they reach their 70s.

                    Forever debt or debt that feels hopeless stems from several factors including housing costs that are too high, interest rates that are too high and emergency funds that are too tiny. With the help of a certified and trained credit counselor, you can overcome the three financial challenges. Look or a credit counseling agency with a Christian philosophy so you feel encouraged in a positive way.

                    If your mortgage or rent is too high

                    A credit counselor will help you work out a realistic budget so you can pay all of your bills on time. If your mortgage or rent is not affordable, it could stand in the way of you getting out of credit card debt. By enrolling in a debt management plan, you receive a plan to get out of debt in less time. Your monthly debt payment to credit card companies will fit within your budget. While experts say the average mortgage is 69 percent of a family’s debt, you can lower the amount you pay for housing by switching to a less expensive rental unit or selling or refinancing a home you own.

                    If your emergency fund is too small

                    Experts say it is prudent to have six months of living expenses tucked away in an emergency fund. When you tap your emergency fund, you avoid running up credit card bills. Take several months to live below your means so you have liquid cash available for

                    If your credit card interest is too high

                    You can pay off your debt faster by letting responsible and trained credit counselors negotiate an interest rate on your behalf with your creditors. When you have a lower interest rate, you end up owing less money. Some people manage to complete their debt management plan in less than one year.

                    At Christian Credit Counselors, we provide credit counseling to people who want a positive approach to personal finances. Our clients find a solution to what used to seem like forever debt. We educate consumers about their options for dealing with credit card debt and low credit scores. For more information about credit counseling, please contact us.

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