What Is Credit Card Counseling?

Joe Schwartz

Joe Schwartz

Debt Consolidation Editor |

Credit card counseling can help you get on track to paying off debt.

If you find credit card debt piling up and feel in over your head, then you’re not alone. Millions of Americans don’t know where to turn or how to make an actionable plan to paying off debt. Consulting with a credit card counseling agency can provide the answer to managing finances and finally becoming debt free.

Credit card counseling can guide you through the process of improving your financial situation. A counselor will guide you through paying off debt based on your individual financial situation. You can learn about your options, set a budget, and get on track to becoming debt free.

Is credit card counseling right for me?

Credit card counseling intends to help anyone trying to pay off debt, repair their credit rating, or learn how to better manage their finances. This service can benefit all ages and incomes levels.

Do I have to pay for credit card counseling?

Often, nonprofit financial organizations will fund credit card counseling and provide their services free of charge. For-profit firms may charge a fee for their services, but provide more hands-on guidance.

Where can I find a credit card counselor?

Founded in 1951, The National Foundation for Credit Card Counseling (NFCC) serves as a nonprofit organization that promotes financial literacy and offers credit card counseling to more than 3 million consumers annually. Through their website, you can request assistance for a variety of financial problems, whether looking to get out of debt, file for bankruptcy, or improve your credit score. They offer their services in all 50 states.

American Consumer Credit Counseling (ACCC) represents another non-profit debt consolidation center serving individuals and families throughout the United States. Since 1991, the organization has helped consumers pay off debt and learn to stay out of debt in the future. You can reach support directly to schedule a consultation at (800) 769-3571.

How should I choose a credit card counseling agency?

If you already find yourself in debt, you are probably tight on money as it is. Non-profit organizations, like the NFCC, provide credit card counseling for free without trying to make money off of their services. Whichever organization you choose, look for one that has stayed in business for at least seven years with accreditations from one of the major credit counseling services.

What should I expect when meeting with a credit card counselor?

During a consultation, the counselor will go over your finances such as your income, expenses, debt, and assets. You may also review your household budget and generate a credit report. Then they will share insight into how to improve your financial situation and the options for getting out of debt.

What is a debt consolidation plan?

By starting a debt consolidation plan, rather than paying multiple creditors each month, you consolidate debt into one monthly payment. For some, debt consolidation can help to reorganize multiple debts into one. This works by taking out a large loan to pay off all creditors. Then the borrower will only owe one loan and reduce their monthly payments to paying one.

If you find yourself overwhelmed with debt, just remember you are not alone. Credit card counseling agencies can help you take control of your finances and create a plan to becoming debt free.

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