Credit Counseling in Rockledge FL is a basic and introductory service that can help individuals consider which financial services they should use. During credit counseling, the client, and their counselor assess their financial situation from a critical and objective point of view to help the client reach the financial goal they are targeting. The most important thing to remember is that the advisor will make personalized recommendations to help the client move forward, guiding them towards his or her goal.
In some situations, these recommendations include using other services or getting additional specialized help. Knowing which professional or agency to turn to is just as important as deciding you need financial help. Do not make the mistake of choosing a business that has a reputation of gauging its customers.
There is a difference between credit counseling and a debt management program
A debt management program is a systematic repayment plan to pay off a person’s debts completely. It is usually a program that offers many benefits because it lowers the interest and reduces the individual’s monthly payments. This means that, in the long run, the person saves time and money repaying everything they owe.
Unlike credit counseling in Rockledge FL, the program requires the cooperation and commitment of all parties involved. This must be considered a long-term decision and does carry a monthly cost with it. Generally, it is a recommendation that a credit counseling professional may make if the advisor believes it is the best repayment option.
People must be prepared to take advantage of their situation
Each counseling session lasts about an hour, but this depends on the agency and the agreement between client and agency. Much of that time can be spent in the process of informing the financial adviser about the person’s current financial situation so that they can form a critical and objective opinion of the individual’s current situation. For example, an advisor needs to know details about all monthly costs, sources of income, debts, assets/liabilities and any other debt they have or information relevant to the person’s financial situation.
To learn more about credit counseling, contact G.I. Tax Services today.
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