In the finance sphere, people talk a lot about debt and how it’s smart to avoid it at all stages of life. However, the overwhelming majority of people find themselves in some sort of debt throughout their lives. Obviously some people have more debt than others, but all-in-all the amount of credit card debt in America alone is enormous. The world of consumerism breeds overspending almost naturally, and we are experiencing the consequences firsthand with this abundance of credit card debt. In order to rise up against this obvious issue, credit and debt counseling services were made. This video provides a brief overview of what exactly these services are.
Credit and debt counseling is a form of personal wealth management that helps people get out of debt and repair their credit. This counseling is deeply personalized to each individual, and financial advice can differ greatly from person to person. Credit counselors will often discuss assets, budgets, income, and debt in an interconnected way. This helps the client understand their situation in the big-picture way, versus only focusing on the debt they have accrued. If you are looking for help in your financial life, a credit counselor may be perfect for you!