Home » Funding Your Future » Credit Counseling Can Help Americans Overcome the Financial Devastation from COVID-19
Funding Your Future

Credit Counseling Can Help Americans Overcome the Financial Devastation from COVID-19

The uncertainty of when the economy will restart, if it will shut down again and how to move forward threatens the financial stability of many families.

Unemployment today is at its highest level since the Great Depression. There are uncertainties about when the economy will restart and if it will shut down again. These are critical factors in the financial stability of families all over the United States. It could take months or even years for many to recover from the financial impact of COVID-19, which is why consumers need to be proactive and take action sooner rather than later to protect their financial well-being.

One resource that is available to help is nonprofit credit counseling. The National Foundation for Credit Counseling is a national network of nonprofit credit and housing counseling agencies, who are equipped to help consumers identify and understand their options when facing financial hardships such as losing their job, a reduction in pay, or increasing amounts of debt. As nonprofit financial advocates, credit counselors care about the individual and put the consumer first.

Whether the purpose is to help maintain homeownership, make credit card payments, keep a small business afloat or figure out how to avoid being evicted, a credit counselor can help make each financial challenge more manageable. The first step in each counseling session involves a comprehensive budget and credit review followed by objective advice that is unique to each individual. When appropriate, credit counselors may recommend debt management programs that are more directly assistive toward resolving long-term debt repayment issues. No matter the result of the counseling session, every consumer is presented with guidance that is as unique as their circumstances.

Nonprofit credit counselors have long-standing relationships with creditors, from the largest banks to the smallest lenders. Because of this, they can help work through the complexities of having multiple creditors and what programs are available depending on the specific situation. They also have certified housing counselors who are equipped to help mitigate foreclosure and provide sound advice on how to keep your home.

Everyone who receives counseling is provided a personalized financial plan and ongoing access to an advocate who is available to help as they take control of their debt and begin their journey toward their financial goals.

Next article