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Online Credit Counseling Can Estimate your Benefits
Online credit counseling programs have many advantages,
including after-hours access and the ability to save your
information and come back to it at any time. What these programs
lack are the actual counseling that should accompany the
formation of any debt management plan.
Personal Financial Network strongly recommends meeting with or
calling one of our Accredited Financial Counselors to discuss
your financial situation and to determine options. If you decide
that you would like to get credit card debt help online, you may
complete our
online credit counseling program
(opens in new window).
If you are using an online credit counseling program, you should
at least follow the guidelines below. Most online counseling
sites work in a similar way. Following these guidelines can help
make your online experience more effective.
Online Credit Counseling Tips
Create Account
You will want to create an account online using a password
you can remember. Your email address will serve as your
username. Once inside, you will establish your account by
entering your personal information.
Budget
Enter monthly amounts for your net income and your expenses.
Don't forget about seasonal expenses and other smaller items
that are easy to overlook. Once you enter your debt information,
you will want to review your budget to see how your consolidated
payment fits.
Enter Debts
Gather your latest credit card statements and enter your debt
information. It is important to have accurate balances in order
to get an accurate payment estimate. You will be able to see the
estimated savings and your new monthly payment.
As a service
to potential clients, we have rated creditors based on their
level of savings passed to you when paying through a debt
management plan. The colorful symbols shown below are used to
quickly identify the savings associated with each of your
creditors.
Excellent!
Above Average
Average
Below Average
Marginal
As you enter your creditor information online, you will be
able to estimate the effectiveness of your debt management plan
based upon the creditors and accounts that you have. This is a
good way to learn about potential benefits before you commit to
a debt management plan.
Review how Payment Fits in your Budget
You will likely not have a large budget surplus, but your
budget should still be in the positive. If your budget shows
that you still have more than a $200 surplus, ask yourself if
you really have that much money left over every month. If so,
you might be able to benefit from a self-directed strategy. If
not, then it is likely that you have underestimated some
expenses or forgotten some entirely. If your budget is negative,
you may need to make some changes to earn more income or reduce
your expenses so that you can afford the program. Make sure that
you update your budget to reflect any changes that you can
commit to.
Set up Your Automatic Payments
Once you have completed your budget and debt entry, it is
time for you to set up an automatic monthly debit. You can
choose your payment date online and enter your banking
information. This information can be found across the bottom of
your check. If you are using a savings account, make sure that
you call your bank to obtain the routing number for their
savings accounts.
Once you have decided on a payment date, you
will want to stick with that same date. Your new automatic
payment can take the place of the individual payments that you
were sending your creditors before. You can complete everything
with your digital signature online.
Contact Us for Assistance or Questions
Our Accredited Financial Counselors can review what you have
entered online to help you assess your situation. If there are
any questions, we will contact you for clarification. You can
call us toll-free to finalize your
plan or to ask any questions. |
