May 11, 2009
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A Call to Action, Pt.3
Multidimensional Assistance.The NFCC offers free or low-cost credit counseling from a certified Counselor who assists the consumer in determining the best options to meet their unique needs. Counselors assist consumers in developing a realistic credit card and money management plan, help them find solutions for current credit card debt situations, and assist in devising a plan to manage future credit card responsibilities. NFCC assist consumers in finding the right counseling agency by referring them to one of the NFCC Member agencies. Counseling services offer assistance through a variety of modes including face-to-face, a toll-free hotline, via mail, and online.
NFCC also offers Housing Counseling, to help consumers realize their dreams of owning their own home. Housing Counseling involves pre-purchase counseling, foreclosure prevention, and reverse mortgage counseling. Pre-purchase counseling helps to ensure the consumer is familiar with and understands the mortgage lending process and financial commitment involved. In foreclosure prevention counseling, the counselor examines the consumer’s credit card debt and analyzes their financial situation and then offers suggestions on how to avoid default. In Reverse Mortgage Counseling, the counselor works one-on-one with seniors to assure they have all the information necessary to make an informed decision and how to avoid predatory lending practices and manage credit card debt.
An additional service offered by NFCC is Bankruptcy Counseling. Bankruptcy counseling addresses the concerns and questions an individual has regarding bankruptcy. Counselors explain the approximate time frames, costs, and filing requirements. Counselors also help to ensure that individuals considering bankruptcy have a clear understanding of the process, what effect it will have on their credit cards, consequences of filing, and available alternatives. Counselors define the differences between filing a Chapter 7 or Chapter 13 and explain the governmental mandates and counseling requirements for all individuals filing. NFCC Bankruptcy Counselors are equipped to refer these individuals to agency members who are approved in the pre-filling counseling and pre-discharge financial education courses mandated by the courts to help consumers avoid getting into trouble in the future with debt.