Posted on Friday, 27th May 2011 by Heather Powell
There’s no shame in asking for help when you need it, especially when it comes to your credit and finances. When your credit health is in trouble, in can cost you big time in potential money-saving offers and financial opportunities.
If you’re unsure about asking for help, check out our five quick reasons why you should reach out for some credit help.
1. You have no excuse not to.
Several regulations and agencies have sprung up in the past few years strictly committed to supporting consumers. The Consumer Financial Protection Bureau (CFPB) is the latest of these, and on July 21, it will have the power to protect consumers from predatory financial products and practices.
Stay in-the-know about the CFPB by following the bureau on Twitter.
2. You’re not alone.
According to a survey conducted by the National Foundation for Credit Counseling (NFCC), 76% of adults said that they could benefit from the advice of a financial professional.
That’s a significant percentage, around 156.8 million adults throughout the U.S. If you ever feel like you’re alone in your financial struggles, know that you’re in good company with most American adults.
3. It’s free to ask others just like you.
Before you seek advice from a professional, take advantage of the Credit Advice center. It’s a community-powered forum for questions and answers related to credit and finances. Best of all, it’s totally free. You can post a question and get feedback from people who have been in similar situations to get some insight into your own situation.
4. You already have a phone number that can help.
As a result of the CARD Act, every credit card statement is required to display a toll-free number that connects consumers to local nonprofit credit counseling agencies for help managing their finances.
Since February of last year, the NFCC estimates that 500 million credit card statements have included the toll-free number. However, only 150,000 individuals have called to reach out for financial help.
To be connected with a member agency of the NFCC, call 1-800-388-2227.
5. You could be putting yourself at risk if you don’t.
If you ignore signs that your credit is in trouble, you may be in for a rude awakening when it’s time to apply for a loan, a new apartment, or even a job. You have rights when it comes to fixing up your credit report, so make sure you exercise them.
If you’re struggling with credit management, understand first the basics of credit. The options you’ll have when it comes to credit cards and loans and how much money you could save on them is influenced by your credit score.
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- Check for mistakes in your credit report or it could cost you dearly
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