Importance of Credit

Credit Counseling Tips

August 11, 2020

Many people experience financial stress at some time in their life. Seeking credit counseling can help you gain control of your finances and work your way out of debt. Here are some things to know about credit counseling before you begin your journey.

How it works

Credit counseling is a resource offered by both for-profit and non-profit agencies for people who need help managing debt or other financial hardships. A typical session includes a review of your credit report, budgeting help and a plan to achieving your future financial goals. You can expect the first session to last 20 to 30 minutes.

Do your homework

Check out the Better Business Bureau before you commit to a program. There are lots of non-profit agencies available; just be aware that non-profit doesn’t always translate to free. If you decide to move to a debt management plan, fees are usually involved. Be aware of any company that pressures you to pay before joining their program in exchange for promising to settle your debts.

Stick to the plan

Credit counseling has helped many people out of financial hardships and debt. But the plan only works if you stick to it. Make sure you’re following the budgeting advice along with the debt management plan if that’s the recommendation by your counselor. Slowly but surely, you will see the results of your hard work.

Change your habits

After putting in all the time and effort, you don’t want to slip back into old habits. You need to be realistic about your spending and your budget. The good news is PREMIER Perspectives has a lot of information to help you along the way.

6 Healthy Credit Card Habits to Practice

Take steps to improve your credit score

Paycheck planning

If you’re experiencing hardship, we encourage you to reach out to us at 1-800-987-5521 for help with your First PREMIER Bank credit card account.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

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