How to Get Free Credit Counseling in Missouri
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Follow these five steps to get the debt relief you need by getting free credit counseling in Missouri.
Written by the Upsolve Team.
Updated November 6, 2021
If your medical bills or student loans are beginning to stack up, you may benefit considerably from someone who is equipped to help you navigate your financial situation. Talking to a Missouri credit counselor is one option that may help. Missouri Credit counseling can help you review and analyze your finances and then help find viable ways to improve your financial situation. Missouri credit counselors will take a close look at your budget, debt to income ratio, your property, and debts, among other things.
Missouri credit counselors may also advise you on issues like student loans, medical bills, budgeting, reverse mortgages, and money management. Specifically, the Missouri credit counselor will analyze your current financial situation and discuss the factors that may have caused that financial situation. They will help you develop a plan to manage those financial issues without incurring negative consequences. Credit counseling in Missouri is usually a free and helpful resource offered by nonprofit financial education organizations.
Certified credit counselors in Missouri typically help people with:
Developing and reviewing monthly household budgets
Offering valuable advice on improving their credit scores
Evaluating debt and then creating a workable debt payoff strategy
Foreclosure and bankruptcy counseling
Home-buying advice
If you are struggling with debt, such as credit card debt, a Missouri credit counselor will help you calculate the amount you owe, determine the amount you are paying in interest, and also find out exactly where you stand with all your creditors.
You should also know the difference between credit counseling in Missouri and Missouri debt settlement. The aim of your Missouri credit counselor is to advise you on managing your debt and money. Debt settlement firms, in contrast, offer to arrange settlements of your various debts with creditors.
A Missouri credit counseling session takes somewhere between 40 to 60 minutes to complete; however, keep in mind that more or less time might be appropriate depending on your specific situation. Some Missouri credit counseling companies also structure a debt management plan. They can also negotiate repayment plans with your creditors, reduce interest rates, and help streamline monthly payments.
How to Get Free Credit Counseling in Missouri
Follow these five steps to get the debt relief you need by getting free credit counseling in Missouri.
Find Missouri Nonprofit Credit Counseling Agencies
When looking for a Missouri credit counselor, consider seeking someone who has completed the relevant coursework, passed the examination, and is accredited as a Missouri credit counselor. You will be better off working with a nonprofit agency in Missouri as they belong to either the National Foundation for Credit Counseling (NFCC) or Financial Counseling Association of America (FCAA).They can also offer professional advice, consider your specific financial situation, and put all their experience towards creating a customized plan. Since nonprofit Missouri credit counselors offer free advice that you may use even if you decide against availing their counseling services, seeking out a nonprofit company is a great first step.
Information to Research Before Talking to a Missouri Credit Counseling Agency
A certified Missouri credit counselor requires certification by a professional and recognized agency. Two main organizations that offer that certification are the National Foundation for Credit Counseling (also called the NFCC) and the National Association of Certified Credit Counselors (NACCC). A credit counselor in Missouri certified by the NFCC as an individual has to be employed by an agency that is a member of NFCC. Managing your finances all by yourself and dealing with debt is difficult, but you do not have to go it alone. The benefit of working with certified and accredited credit counselors in Missouri is that they help you navigate the entire process so that you come out financially stronger on the other side. Also, you should check with your state's attorney general’s office in order to determine whether people have filed any complaints about a Missouri credit counseling organization you are considering.
Questions to Ask the Missouri Credit Counselor Before Signing Up
If you are considering consumer credit counseling in Missouri, here are a few questions that will help you find a reputable agency in the state.
Are you accredited? You should look for Missouri credit counselors that are certified by the Financial Counseling Association of America or the Council on Accreditation.
What are your fees? Specifically, you should determine whether the Missouri credit counseling agency operates on a non-profit or for-profit basis and what fees they charge.
How will your debt plan work? Ask for specific details on how their debt management plan will work to improve your situation.
You should watch out for consumer credit counseling scams as well. If the agency will not tell you their fees, ask for money upfront, or makes big promises, you should proceed with caution.
What to Expect During Credit Counseling?
A certified Missouri credit counselor has the experience, knowledge, and compassion to help you achieve your financial goals. They also know that every individual in Missouri faces a different set of financial circumstances. Missouri credit counselors will take the time to listen and understand you and help you make the best choices.To make the most of your session, bring the following information along with you:
Your current paycheck
A list of all your monthly expenses (like utilities, rent, and food, etc.) and how much money you spend on each
Current statements from all your creditors
What Happens After Credit Counseling in Missouri?
As some counseling services that can help some people might not work for others, a certified Missouri credit counselor takes more than one approach to reduce your debt.
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Missouri Debt Consolidation
If you are tired of repaying multiple creditors without really making a significant dent in your loan balances, then you can consider Missouri debt consolidation. Whether you are accruing fees and penalty interest at a rapid rate or fending off calls from many different collections agencies in Missouri, you are probably sick of your complicated burden of debt. Your Missouri credit counselor may be able to suggest certain banks or other lending institutions that offer favorable terms for debt consolidation loans to folks with your level of income and debt.
Missouri Debt Management Plan
A debt management plan in Missouri is usually a combination of interest-rate reductions negotiated with your creditors and a personalized budgeting plan, which enables you to live within your means. You make a single payment under this plan to the credit counseling company each month. The Missouri credit counseling agency will then make monthly payments to your creditors.
Missouri Bankruptcy
Bankruptcy — despite a few pitfalls — is often the best solution, particularly if you feel that you can’t meet all the terms of your repayment plan. By filing bankruptcy in Missouri, you can get debt relief and receive a fresh start. One of the main advantages of a Chapter 7 bankruptcy in Missouri is that you can start over quickly.
