What should I know about credit counseling?

You may want to pursue other options before resorting to bankruptcy, or the court may have instructed you to undergo credit counseling as part of your debt restructuring plan. For whatever reason, you and other New Jersey residents with significant financial problems may want to find out how credit counseling works and how it may improve your situation.

As NerdWallet explains, there are numerous reputable credit counseling companies that are dedicated to giving you tools to get out of financial distress. Those that are nonprofit often have better services than for-profit credit repair companies, which are in the business to make money and sell numerous services and might not have your best interests in mind. Generally, credit counseling companies offer the following services:

  • Assisting clients with a debt management plan, which assists them in consolidating their debts and lowering interest rates
  • Teaching general budgeting skills, including reviewing clients’ income, expenses and goals
  • Informing clients on their bankruptcy options, as well as how each option works and whether it may be beneficial to them
  • Counseling clients on their housing challenges, whether they are renting, hoping to be approved for a mortgage or facing foreclosure

You may be intimidated at the thought of undergoing credit counseling or filing for bankruptcy. However, it can help to know that these services exist to help you overcome your financial difficulties and move on with the best chance of future success. The information in this blog is meant to educate you, but it should not replace the advice of an attorney.

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