What Is Credit Counseling and When Might I Need It?
Financial hardship can strike anyone. If it happens to you, know that you are not alone. Many resources, including credit counselors, are ready to help.
Credit counseling typically involves reviewing your budget, your debts and your credit report with a trained professional. The counselor will help you find tools for improving your financial situation, whether you need to tackle multiple debts, raise your credit score or choose which bills to pay in a crisis. Nonprofit financial education organizations tend to offer this service for free.
If you’re struggling with debt or simply feeling overwhelmed by your financial situation, it’s a good time to contact a credit counselor. If you’re a UW Credit Union member, you can request a no-cost credit consultation with one of our experts. During this interaction, you and a friendly financial specialist take a close look at your credit report and identify opportunities to reduce payments, save money on interest and make money management as easy as possible.
UW Credit Union members also have free, confidential access to credit counselors and online tools from GreenPath Financial Wellness, a nonprofit organization designed to assist people facing financial difficulties. With help from these resources, you may discover strategies for avoiding bankruptcy, ways to lower your loans’ interest rates and more.
If you work with a GreenPath counselor, you can develop a customized budget and action plan. You may also learn about:
- Personal and family budgeting
- Money management
- Debt repayment
- How to contact creditors
- How to make sense of your credit report
- How to improve your credit score
In addition to gaining knowledge, you’re likely to find some confidence and peace of mind when you work with a trustworthy credit counselor.