What is credit counseling and how does it work?
Credit counseling is a service that helps individuals manage their debts and improve their overall financial situation. It works by providing personalized guidance and support to clients facing financial challenges. Credit counselors evaluate the individual's financial circumstances, including income, expenses, and debt levels. They then develop a budget and debt management plan tailored to the client's needs and goals. These plans may involve negotiating with creditors to lower interest rates or establish affordable repayment terms. Additionally, credit counselors offer financial education and advice to help individuals develop better money management skills. Through credit counseling, people can gain a deeper understanding of their financial situation, receive expert guidance, and make informed decisions to achieve financial stability.
Answered Nov 2, 2023
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