Credit counseling

Helping people overcome their debt and manage their money better with financial education and professional counseling.

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Consumer credit counseling options
Credit counseling and debt management programs can be a valuable tool for consumers who have lower debt levels. We refer about 30% of our potential customers to credit counseling partners:
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Consolidated Credit
is one of the nation’s largest nonprofit credit counseling agencies, providing personalized, nonprofit certified credit counseling services to people facing challenges with debt. Consolidated Credit has helped over 10 million people findrelief from credit card debt since 1993.
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DebtWave Credit Counseling, Inc.
is a nonprofit, accredited, consumer credit counseling service that has helped more than 1 million people pay off more than $7 million of credit card debt since 2001.
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How it works
Credit counseling can help consumers pay off unsecured debt and learn better money skills.
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FREE BUDGET HELP
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Free budget help
Credit counselors can evaluate a consumer’s finances and create a budget that helps them manage their debt better.
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DEBT MANAGEMENT PLANS
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STUDENT LOAN COUNSELING
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Free budget help
Credit counselors can evaluate a consumer’s finances and create a budget that helps them manage their debt better.
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Who it could help
Credit counseling is typically most helpful for consumers who are struggling to stay current with relatively small (< $10,000) unsecured debt payments and want to improve their money management skills. As with any debt solution, credit counseling is not the best fit for everyone. Before a consumer begins working with a credit counseling agency, it’s important they understand its potential impact.
Pros
Streamlined debt management. Credit counseling consolidates multiple debts into a single monthly payment.
Reduced interest rates and fees. Through a debt management plan, a credit counseling agency could negotiate more favorable payment terms with creditors.
No collection calls. If a consumer consistently pays into their debt management plan, they should stop receiving phone calls from creditors.
Cons
Long-term commitment. Because they are designed to be affordable, a debt management plan typically takes up to 5 years to complete.
Lost access to credit. A debt management plan may require that some or all credit card accounts be closed, which can be inconvenient.
Credit impact. Credit counseling should not hurt a consumer’s credit score directly, but it could be noted on their credit report and seen as a sign of credit risk by lenders.
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Our goal is to help you improve your finances, make informed financial decisions and be confident in the decisions you make. However, neither Freedom Financial Network, LLC, nor any of its affiliates or subsidiaries are financial advisors, tax consultants, credit counselors or attorneys and nothing published on our websites should be construed as financial or legal advice. We recommend you consult with the appropriate professional before making any serious financial decisions. If we refer you to a partner who operates in one or more of these areas, we may be compensated by that partner but it will be them, and not us, who provides these services.