Credit counseling can be a great way to get your finances back on track and pay off debts. Are you curious as to how it all works? First, financial education is a big component. Let’s outline the steps and answer the question, “What is a credit counseling class?”
What Happens During Credit Counseling?
Let’s walk through what financial counseling is like with ACCC to get started. Credit counseling is led by a certified credit counselor. It’s a time to review and analyze your finances. Next you and your counselor will develop a plan to achieve your financial goals and get out of debt. Here are some more details.
First, the credit counselor reviews your overall financial situation with you. Next, he or she will ask you about your income, expenses, assets, and liabilities. That way, they’ll have a good idea of what your best options might be moving forward.
Finally, the credit counselor will talk about all your possible options. These might be referrals to social services or working directly with your creditors. Your credit counselor may recommend some of ACCC’s services, such as:
- Debt Management Program
- Bankruptcy Counseling
- Student Loan Counseling
- Housing Counseling (Reverse Mortgage, Home Buyer Ed, Foreclosure Prevention)
Credit Counseling Class- What Are My Options?
Are you worried you have to take a credit counseling class to get through the process? While there is no mandatory classroom experience, you will receive information to boost your financial literacy through your counseling session, as well as the financial education materials provided on our website.
Most importantly, our sessions are conducted over the phone! No need to sit in a classroom. You won’t have to go to a class anywhere to participate in credit counseling. As with any credit counseling agency, make sure they are licensed in your state.
There are additional classes that may be offered through a credit counseling service, like ACCC. We offer bankruptcy courses as well as a homebuyer education course.
Bankruptcy Counseling & Class
The Pre-Bankruptcy Credit Counseling is an analysis of your current financial condition and information about alternatives to bankruptcy. Additionally, you receive help to develop a plan to respond to your current financial state without taking on more debt. As a result, the bankruptcy counseling session typically takes 60 to 90 minutes.
Prior to filing for bankruptcy, you must participate in this session. It must be done by a non-profit credit counseling agency, approved by the U.S. Trustee’s Office. Once you complete the counseling, you will receive a certificate that is valid for 6 months from the date listed at the top of your bankruptcy certificate.
The Post-Bankruptcy Debtor Education Course includes written information and instruction on budget development, money management, wise use of credit, and consumer information. The course is a minimum of two hours. Similarly, this course must be provided by an agency approved by the U.S. Trustee’s Office.
Homebuyer Education Course
Finally, ACCC has partnered with Framework to offer outstanding online homebuyer education courses. The course is user-friendly and provides the education necessary for certification. Also, the course is self-paced and can be done at your leisure. Buying a home is a big deal! Whether you’re doing it for the first time or getting back into the market, more education around the home buying process is always better.
Finally, while there is no single credit counseling class, there are a variety of educational experiences to help build up your financial knowledge and prowess.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.