What Are the Benefits of Free Debt Counseling?

By , Posted on Sep 20, 2021
credit card debt Personal Finance
credit card debt Personal Finance

After taking out student loans to finance your education, taking advantage of several credit cards offered to you, and moving on to car loans and mortgages, you’re probably wondering what it’s like to become debt-free. One of the most important steps you can take to achieve a debt-free lifestyle is to get free debt counseling. Besides helping you evaluate the reality of your financial situation, a counselor can offer personalized guidance to help you meet your goals.

a couple getting free debt counseling

 

Awesome Benefits of Getting Free Debt Counseling

 You’ll Get to Maintain a Good Credit Score

Did you know that your payment history accounts for 35% of your FICO® Score? Moreover, the amount of debt you currently have, as it relates to your available credit, makes up another 30% of your score.

You don’t have to spend the rest of your life struggling to make your minimum payments. Working with a debt counselor can help you rebuild your credit and retain a good credit score.

You’ll Get a Personalized Debt Management Plan

You can’t use a one-size-fits-all approach when it comes to debt solutions. Thankfully, a debt counselor can help you evaluate the advantages and disadvantages of various debt relief strategies. Your discussions can help you see a comprehensive picture of your financial situation so that you can create an actionable plan to get out of debt. There’s no obligation and no cost for a full comparison report to find out if you are eligible for a debt management plan.

Secure Lower Interest Rates

Since people with debt are associated with low credit scores, getting a loan of 0% interest can be difficult. If you have unsecured loans or high credit card debt, your monthly payments can increase because of high interest rates. With help from a debt counselor, you may be able to secure lower interest rates and lower monthly payments.

 Payments Become Simpler

Annual percentage rates, fees, and charges can be overwhelming. When you acquire debt counseling services, you could reduce the interest charges on your credit card accounts, reduce your overall debt faster, and make your payment a lot simpler.

Your Big Bills Can Be Transferred into One

If you’re interested in converting overwhelming credit card bills into one manageable monthly payment, a debt counselor can help consolidate your big bills.

Get New Credit

If your application for the new credit is rejected, you will want to enlist the help of a debt counselor. They are trained to identify what went wrong on your applications and to help you strengthen your credit in the long term. Ask for a credit analysis during your free debt counseling.

Counselors Help Manage Your Finances

Besides offering debt relief, your counselor can also teach you how to maximize your budget and cultivate financial stability. With their guidance, you can learn how to maintain your income and have enough money to meet your needs and wants.

a young man who needs free debt counseling

Do You Need Free Debt Counseling?

The team of financial experts at DebtHelper is ready to educate, advise, and empower you to handle debt, credit cards, and housing. If you would like to know more about our non-profit services or would like to make an appointment with one of our experts, please contact us today.

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