Tag: debt reduction

Many Americans feel they're destined to struggle with their debts all alone. But they shouldn't. In fact, agencies exist specifically to help borrowers with debts understand their financial situations and options. Can an advisor really help borrowers better their personal finances? According to research cited by the FDIC, consumers who work with credit advisors “have statistically significant improvements in debt reduction” compared to those who aren't counseled. What can credit counseling do for borrowers?  The study outlines a few potential benefits: Bring more awareness to the reality of household finances Help boost financial literacy for more informed decision-making Boost support and accountability while managing personal finances Use debt management to favorably ...