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How to Get Free Credit Counseling In Kentucky

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In a Nutshell

Follow these five steps to get the debt relief you need by getting free credit counseling in Kentucky. 

Written by the Upsolve Team
Updated December 20, 2023

Are you swimming in a sea of debt? Don’t worry as you are not alone. However, before things get out of control, you may want to reach for a life preserver. And in many cases, credit counseling in Kentucky is that life preserver. Kentucky credit counseling is a type of debt relief where you work with a Kentucky credit counseling agency that will then work with all your creditors. Kentucky credit counselors work in two ways. First, they will help reduce the interest rates on the money that you owe, hence saving you money. If you’re pursuing a debt management plan, Kentucky credit counselors will also help you come to a mutually-beneficial agreement with all your creditors. Under this agreement, they will usually accept a lower monthly payment. Secondly, a Kentucky credit counselor will act as the middleman. Under this arrangement, you will pay your Kentucky credit counseling agency a single monthly payment, and your counseling agency will handle all of your debts for you and keep this issue off your shoulders. Kentucky credit counseling organizations will also provide you guidance on several matters, such as consumer credit, budgeting, and debt, student loans, and money management.

Credit counseling in Kentucky is a very under-tapped resource for individuals crippled by debt. A Kentucky credit counselor’s main goal is to educate you about the cause of your excess debt and offer viable solutions and options to eliminate it. Kentucky credit counselors can offer you many types of services, such as general budgeting services, bankruptcy counseling, debt management plans, student loan counseling, and housing counseling, among others. In many cases, a Kentucky credit counseling session takes about 40 to 60 minutes and can be easily completed over the phone, in person, or online. The best Kentucky credit counselors usually work at nonprofit organizations that provide consumer credit counseling services. They will thoroughly review your financial situation by analyzing your credit reports, household budget, student loans, and consumer debt to improve your financial situation. If you are having trouble paying off your student loans, you may look to a Kentucky credit counselor for information on various repayment options.

You are probably an ideal candidate for Kentucky credit counseling services if:

  • you’re having trouble making timely payments on your debts

  • your unsecured debt (credit card and personal loan) is keeping you up at night

  • you’re paying out 20 percent of your monthly salary toward unsecured debt payments

In most cases, better budgeting and sticking to reasonable and suggested spending limits will be enough to get you right back on track. 

How to Get Free Credit Counseling In Kentucky

Follow these five steps to get the debt relief you need by getting free credit counseling in Kentucky. 

Find Kentucky Nonprofit Credit Counseling Agencies

The best place to get help dealing with overwhelming debt is a Kentucky nonprofit credit counseling agency. There are many benefits of working with a nonprofit Kentucky credit counselor. Nonprofit credit counselors in Kentucky often go through intensive training to ensure the provision of the best services. Kentucky credit counselors have to pass stringent tests in order to get certified and eligible to counsel consumers on various money matters, like credit card debt, student loans, mortgages, and bankruptcy. Nonprofit credit counseling agencies in Kentucky, such as credit unions, often offer free workshops and educational materials as well. Many Kentucky credit counseling organizations also offer debt management plans, which are an excellent solution for some people. In contrast, for-profit counseling companies usually charge a fee for their services. Most nonprofit counseling agencies in Kentucky are members of either the Financial Counseling Association of America or the National Foundation for Credit Counseling.

Information to Research Before Talking to a Kentucky Credit Counseling Agency

You will have to do some legwork in order to make sure that a Kentucky credit counseling agency is legitimate and authorized, according to the U.S. Federal Trade Commission. It is also important to ask relevant questions about Kentucky credit counseling services in order to choose a reputable and reliable agency. Any Kentucky credit counseling organization you’re considering working with should be a member of a national organization, like the NFCC (National Foundation for Credit Counseling). Another important step to working with a Kentucky credit counseling agency is finding one that you would like to work with. You should also check with the Better Business Bureau (BBB) to look up any Kentucky credit counseling agency you are considering to determine if they are reputable and well-known for their services and customer care. 

Questions to Ask the Kentucky Credit Counselor Before Signing Up

Choosing a Kentucky credit counselor is not a small decision. This is because if the two of you succeed, you will be improving your financial life forever. This is why asking the right questions will help you find the best one for you. Here are some questions you should ask your Kentucky credit counselor.

Can you help me with medical debt? Medical bills are often one of the greatest hurdles for many Americans today. Do not delay in signing up with a nonprofit credit counseling agency in Kentucky if your medical bills are already in collections. Kentucky credit counseling staff will help you in handling your debtors as you work out a DMP and learn better ways to pay your piling bills again.

How long will your counseling program take to complete? This is another important question that you should ask before signing up. Although most Kentucky credit counseling agencies strive to get people out of debt in three to five years, beware of a credit counseling agency in Kentucky that gives you an exact time period of when all your debt will be repaid before learning about your full situation.

What to Expect During Credit Counseling?

Through a Kentucky nonprofit credit counseling organization, you can work with a credit counselor and resolve your financial issues on your own. If you choose to use credit counseling in Kentucky, read all terms of the contract agreement before you sign. In most cases, the contract will disclose the fee or contribution amounts, an estimated payoff schedule, and a description of services, etc.

You should have the following information handy for your credit counseling session: 

  • Basic contact information

  • Information about all your assets and income

  • You will also provide a detailed list of all your expenses, such as rent, groceries and utility expenses

  • Current balances on all your credit cards

The Kentucky credit counselor will discuss your financial situation with you and help develop a personalized plan to tackle your debt and get your finances in shape. Your initial credit counseling session can last one hour with a few follow-up sessions, if necessary. 

What Happens after Credit Counseling in Kentucky?

If your financial problems are severe, the Kentucky credit counselor has many options to offer you. Here is an overview of the main debt relief options that your counselor may recommend.

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Kentucky Debt Consolidation

When you consolidate your debts, your various debts will be rolled into one monthly debt payment with a reduced interest rate. Typically, this is done by taking on new debt to pay off the existing debt. Note that this process is faster and more convenient than repaying one debt at a time.

Kentucky Debt Management Plan

A debt management plan in Kentucky is a strategic way to eliminate your unsecured debt, like credit card debt and medical bills. Under a Kentucky debt management plan (DMP), once a Kentucky credit counselor has reviewed your financial situation, and you both agree that a DMP is the next best step, the Kentucky credit counseling agency will negotiate with your creditors. It is one of many ways you can easily take control of your debt and a way to consolidate your payments without having to take out more debt.

Kentucky Bankruptcy

You can also file for Kentucky bankruptcy. By filing bankruptcy in Kentucky, you can get debt relief and receive a fresh start. While it is not right for everyone, if you’re having a hard time making ends meet, it may be worth your time to chat with a local bankruptcy attorney about your bankruptcy options

Written By:

The Upsolve Team

Upsolve is fortunate to have a remarkable team of bankruptcy attorneys, as well as finance and consumer rights professionals, as contributing writers to help us keep our content up to date, informative, and helpful to everyone.

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