Ohio residents facing debt problems should consider free credit counseling as a solution!
Few and fortunate are those residents in Ohio for whom unexcepted life events such as layoffs do not destroy their financial situation. Some Ohio residents live paycheck-to-paycheck, and if unemployed, will see their credit scores take heavy hits. There is free help provided to them in the form of consumer credit counseling.
Perhaps, this scenario describes you? Maybe you are employed now but are living on a super tight budget. Or, perhaps you are reading this right now because you are unemployed and are worried about your financial future. In fact, if you’ve been unemployed for a while and you live somewhere in Ohio like Cleveland, Cincinnati, or Columbus for example and you can’t make payments on your bills, it’s likely that one or more debt collection agencies have already called you.
Have you ever considered credit counseling services or online credit counseling with a nonprofit agency like Advantage CCS? If not, perhaps it’s time you do! Whether you are already unemployed or just want to be prepared. This blog post will explain why and how credit counseling can be helpful to anyone living in Ohio.
These free credit counseling sessions involve the following steps:
Step 1 – First, you will discuss your income and debts owed with your credit counselor or enter them in our online counseling system. During initial credit counseling sessions, you will usually wind up disclosing your complete financial situation to your counselor. This disclosure is important, because each person’s financial situation is different, and different people might benefit from vastly varied approaches to credit and debt management.
Step 2 – Secondly, you and your counselor will work out a debt management plan and see if it’s a good fit for your unique situation. This is an important part of credit counseling because it arms you with solutions to tackle and reduce debts that you owe. This part of your credit counseling experience will likely require that you reduce your monthly expenses (cut back on spending), acquire some source of income so that you can achieve financial solvency (find income if you don’t currently have a job), and the agency will contact your creditors to alert them of your decision to sign up for a debt management program.
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Step 3 – Finally, you will begin to use the techniques you’ve learned during your free credit counseling session to pay off your debts. This is the point where each individual’s situation varies most greatly. Individuals who owe low or moderate amounts of debts — or those who have some savings or another source of cash flow during a period of unemployment — will usually find it easier to pay off debts than those individuals who owe large amounts of debt, or who have no positive income sources. To be able to sign up for a debt management program, you must have some source of monthly income coming in because you’ll be required to pay one monthly sum to the credit counseling agency so they can then pay your creditors back each month and on time.
At Advantage CCS, we believe that all Ohio residents – whether they’re in Dayton, Akron, Columbus, East Liverpool, Cleveland, or Cincinnati – should have access to free credit counseling and debt management programs. We are licensed and accredited in the state of Ohio to provide these services.
If you prepare for hard financial times before they happen, you will be able to navigate a layoff with poise and greater ease. Credit counseling sessions like our free online credit counseling at Advantage CCS can provide you with the tools you need to navigate the stormiest of recession waters.
You’re not alone in your need for Debt Management Services!
When many people face issues with their credit, they may feel like there’s nowhere to go but down. Although a credit issue can be extremely serious, there is plenty of help out there to help you get back on the right track financially. Consumer credit counseling is just one example of the many ways you can get the information and assistance you need to organize your finances and understand where your money is going. With a reputable agency like Advantage CCS, you’ll work with experienced, trained, and certified credit counselors who can help you break down your current situation and give you the best possible solution for your lifestyle.
If the thought of meeting face to face is something that makes you think twice about taking part in one of these life-changing programs, there are other alternatives available for you. With online credit counseling, you can enter in all of your information from the comfort of your own home and speak with a representative over the phone when you are finished in order to give you the assistance and guidance you need. For many, taking this first step and choosing to enroll in a program can ultimately change their life forever. By simply looking at your financial situation with the guidance of a professional, you’ll be able to pinpoint the changes you need to make in order to pay off your debt and improve your credit score.
What to do if debt has already crept into your financial life –
If you’re currently dealing with debt issues, having a professional on your side to help you understand your finances can help you not only pay off your debts faster but prevent the same issues from reoccurring in the future. A debt management program is available through trusted companies like Advantage CCS that will allow you to fully review your financial situation in a secure and educational environment. Much like credit counseling, debt management is available throughout Ohio and can help you end the collection calls, reduce interest rates, and even reduce your monthly payments. Instead of dealing with embarrassing and costly debt issues for ten to fifteen years, debt management counselors can give you the guidance and knowledge you need to pay off your bills in as little as three years.
The pros and cons of using a Debt Management Program –
Debt management services provide a valuable service for many consumers experiencing problems repaying unsecured debts, such as credit cards and certain medical bills. Companies and non-profit organizations that offer debt management services act as mediators or ‘go-betweens’ to help their clients reduce the amounts they owe individual creditors. In addition, debt management services simplify the act of repaying several debts by pooling a client’s payments into a general fund, from which the company then disburses payments to each creditor at agreed upon monthly rates. All of this is done by the debt management services company for a fee paid by the client. This fee is usually either based on a percentage of the total amount the client pays into the fund every month or along the lines of an interest rate charged on the remaining balances. Some services will also receive payments from a client’s creditors in the form of rebates.
From the client’s perspective, using debt management services seems ideal in many cases. Most people who approach one of these companies are in over their heads and turn to a debt management service organization as a last resort before taking the serious step of declaring bankruptcy. Debt management services simplify life by both negotiating lower repayment rates and managing the actual distribution of your monthly payments to individual creditors. Lower interest rates will save you money in the long run.
However, there is one potential drawback to using professional debt management services. Using such a service will show up on your credit report that you are enrolled in a debt management program. This could make future lenders more cautious about loaning you money. Still, for many consumers, this is a better outcome than continuing to make late payments. It’s definitely preferable to filing for bankruptcy which will destroy your credit.
Overall, debt management services are a useful alternative for consumers who face the stark reality of being unable to make the current minimum monthly payments to their creditors. Depending on how much you owe and how high the interest charges are on your accounts, you may find that using a credit counseling agency saves you a lot of money in the end.
Enrolling in credit counseling services, either online, over the telephone, or in-person should be your first plan of action. Advantage CCS offers free professional credit counseling services to Ohio residents just like you who are in financial trouble. We’ve been assisting consumers with their financial issues since 1968. Contact us today and ask about our free credit counseling and find out if a debt management program is right for you!