Monthly Archives: January 2018

Should Premarital Counseling

This is one that I was excited to discuss because when people think of premarital counseling, usually it focuses on the emotional aspect, compatibility but not necessarily in-depth finances. I recall last year that a bride-to-be came to me at a bridal show and stated that she had gone through premarital counseling, yet the one area she did not feel comfortable about was finances. It was not something that was really discussed.

In my opinion, if you are going to attend premarital counseling, I believe it is the responsibility of the brides and grooms to make sure that finances is a part of that premarital counseling session(s). Let’s face it we all know that money is one of the top reasons for divorce. That alone says we need to talk about money more, the good and the bad.

Regardless of our economy, when premarital counseling is provided I believe various aspects of money should be discussed including bankruptcy. Not saying it is impossible to find someone that has never been married before, but it is probably rare that you would end up at the altar with someone that has not had a credit card, student loan or other financial obligations. I am not saying that the person has had a bankruptcy but that is a possibility. Therefore, bankruptcy should be a part of the premarital counseling financial discussion.

When brides and grooms are standing at the altar saying “I Do”, many have taken it for granted that they probably discussed their finances. I would venture to say that they have not. Brides and Grooms need to know how to handle financial issues to include if that mate has had a bankruptcy, how long ago it was and if they have the discharge papers. Understand the bride or groom experienced that financial issue prior to marrying you; however, you need to be aware of what creditors were discharged just in case all of a sudden you start receiving collection letters in the mail.

Let’s be honest, bankruptcy is a hard pill to swallow. However, what happened prior to your union you cannot hold against the person. No one is perfect and we all make mistakes. This is an opportunity for brides and grooms to begin anew as husband and wife with a new financial foundation. It is imperative that they discuss what caused the bankruptcy in order to prevent that happening in the future.

If the bride or groom has filed bankruptcy and no longer has their discharge paperwork, they can contact the Bankruptcy Court and ask to get a copy. There will be a minimal copy charge involved; but believe me it will save you in the long run. Both of you will know what creditors were discharged and what your rights are.

Do You Know Where to Find Free Debt Counseling

Debt counseling services can assist with a new budget, or finding money within your old budget. Debt counseling services can provide expert advice from financial experts, free of charge to people that are struggling with the finances and even help consumers to realize that there is indeed light at the end of the tunnel of debt. Where can you find these free debt or credit counseling services?

The first place that you should look for information about debt counseling services that are available in your area is the internet. Through the internet, through government and non-for-profit organizations you can obtain information about how to set up a consultation with a personal finance expert working for the free debt counseling organizations.

Through the internet, there is a wealth of information that is available. You can compare the various services that are offered through free debt counseling services and you can ensure that you are able to find reviews and other information that can help you to make your decision. Seeking information from a variety of forums and other consumers that have taken part in the debt counseling process can help to choose services which are best suited to your financial situation.

Although you can find many services on the internet, be very careful because there are legitimate companies and also non-legitimate companies out there that are looking to take advantage of poor souls who are not very educated in this subject. That is one reason why you should really do a thorough research first.

Debt credit counseling are created to provide the consumer with information that can help the consumer to take the next step in debt repayment. Other services, like debt management services are created to allow the company to take the next steps and take measures like negotiating with credit card companies and other creditors to achieve not only lower interest rates, but lower payments each month and even methods which can be used to settle the debt.

Sometimes the debt or consumer credit counseling services are enough to provide information but some consumers require something extra that can help them to implement the debt repayment plan. For most consumers, debt counseling services are a good jumping-off point when it comes to taking control of the finances and in the future it can lead to debt management services to ensure that the best decisions are being made when it comes to the finances.

Credit Counseling Organizations

Credit counseling organizations offer service to help consumers to handle debt problems. It’s a form of help to those consumers who try to squeeze out some additional money from their budgets each month to make payments on debts. There are thousand of customers who run through credit counseling service and finally became debt free because reputable credit counseling services provide good credit counseling and debt management advice to their clients. There are a wide range of services offered on the telephone, Internet. So, you can choose what you prefer and what will suit you best. Many people consider in-personal communication the best way of dealing with financial problems. Credit counseling companies realize this approach when provide their service through local offices.

You definitely know someone who had problems with debt and was lucky to solve them. So, it will be reasonable to start asking these people they did it and where they turned for help. Such personal recommendations will be of great value to you.

Normally, credit counseling companies work with unsecured debt. The most common financial problem that customers turn to credit counseling companies is credit cards debt. Among the popular problems are the following: collection agencies; professional service bills, unsecured bank loans, defaulted auto loans, student loans, utility bills, unpaid rent, etc.

Reputable credit counseling organizations have much to offer to their clients. You can get useful information on how to work out personal budget, advice on managing your money and debts. You also will be offered educational materials and workshops. You may be required to take some educational courses on budgeting and debt management. These classes can be the most valuable part of credit counseling.

Such companies have certified personnel, among them counselors who are trained in the areas of consumer credit, budgeting, money and debt management. You will have a dialogue with a real professional, who will help you to analyze your financial situation and to develop a personalized plan to solve your money problems. A reliable credit counselor will not make a professional proposal to you until he/she has a thorough understanding of your income, your debt and your finances. Only after this you will be given recommendations on starting a debt reduction strategy. The first meeting with credit counseling company representative lasts commonly for an hour with an offer of follow-up sessions.

You can see now that there can be plenty of benefits from credit counseling service for you. So, if you worry about your debts turn to credit counseling as soon as possible. There’s no good waiting till you find yourself in debt so deep that you cannot make even the minimum payments. When you find a reliable credit counseling company it will contact your creditors on your behalf and work out a payment schedule. This will be the first step to getting free. Debt free.

Finding the Right Credit Counseling

Habitually spending more than what you earn will obviously lead you to a catastrophic financial situation. This is especially true if you use your credit cards without tracking your expenditure versus your income. Your problems will come to fore once your bills pile up and you realize that you have no knowledge on how to properly manage your own finances.

One of the best tools to address these issues is the engagement of a credit counseling service that can assist you in regaining your financial bearings. But their expertise will not make any difference unless you also make drastic changes in your spending habits. Concentrate on being able to control the urge to splurge and becoming mindful of the expenses charged as against the income you earn per month. Fiscal restraint should be ingrained in you in order to correct the errant behavior that led you to this financial crisis from the outset.

When do you engage the services of an expert? The first step on the road to recovery is the realization that there is a problem and you are in dire straits. The normal signs include the inability to pay minimum credit card bills, receiving tardy notices for bills, and the increasing frequency of phone calls from collectors. Such signs happening in a normal day should be treated as a signal for you to seriously consider obtaining credit counseling immediately.

It isn’t easy to make a decision on which credit counseling company to engage. There are some companies who would exploit this difficult situation for their own personal ends. Care ought to be undertaken in making your choice. You can protect yourself from these unscrupulous companies by checking with the National Foundation for Credit Counseling and engaging the services of those that are accredited and in good standing.

The first sign that a company would only exploit your situation is if they require a sizable amount of money right away. In such cases, always check if the money sent through the credit counseling agency actually reaches its intended creditor. Some companies misuse the finds entrusted to them so be careful of this practice.

Also, be careful of the guaranteed claims made by some credit counseling agencies. Avoid companies that say they can sweep your problems clean by themselves and without your participation. Getting out of your financial dilemma will largely rely on your personal perseverance and discipline.

In addition, try to avoid declaring insolvency at all costs. If this declaration were made, it would be retained in your credit summary for at least ten years. So you need to work on your existing financial issues in order to resolve them at the soonest possible time. Having a record of bankruptcy would be financial suicide. So it is better keep a low score than have to handle the insolvency issues. If the credit counselor advises filing for bankruptcy right away, then it would be better to seek another company for financial advice.

Engaging a credit counseling company is one of the best decisions you can make when trying to dig your way out of a financial dilemma. But you should always be on your guard when it comes time to choose which company to entrust your finances to. Armed with these few tips, you should be able to avoid the unscrupulous companies that are only looking to exploit your situation.