There is a lot of confusion about who should have budget and debt counseling. And I want to tell you that honestly there is really no wrong time to talk with a counselor. Did you just graduate from college and are starting to feel the weight of your student loan debt? Or maybe you were just married and are feeling scared about combining two incomes. A financial wellness check is a good idea at any stage of life. A counselor will talk with you about what’s really going on financially. They will look at the big picture and together you can create a budget that will work for you. And all of this will happen in a judgement free setting.
During your counseling session, a counselor will help you determine if a Debt Management Plan (DMP) is right for you. There are many ways to repay your debts like Bankruptcy, Debt Settlement, DMP or an Internal Hardship Plan. At LSS, we offer a DMP. A DMP consolidates your monthly debts into one payment–often with a lower interest rate–so you can start paying off those debts and return to financial health faster.
“I went to the appointment crying and feeling like a failure. I had no house, no business and no car. I was downright depressed. We met with a Financial Counselor who immediately brought sanity back into the picture. One thing our financial counselor told us was, “Don’t feel ashamed. Be proud of yourselves for taking the first step.” She was able to do the math and help us figure out where we stood and we left there with a plan in hand.”–Mike and Carol from Minnesota
So how do you know if a DMP is might work for you? Take this short, confidential survey that I created and answer a few simple questions about your debt. If you answer yes to a majority of the questions you should chat with a counselor. Either over the phone or online. It’s up to you.
Kate Swenson is a Project Manager at LSS Financial Counseling.