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Credit counseling can be a great resource for many consumers. Speaking with a certified credit counselor can give consumers many tools; smart budgeting techniques, the ability to understand their credit reports, and perhaps most important, assisting them in getting back on the track to financial wellbeing. 

As appropriate, a credit counseling agency can enroll a consumer in a Debt Management Plan (DMP).  With the approval of the consumers’ creditors, the consumer is enrolled in a repayment plan to repay debts in full. In return, the consumer will likely receive a reduction in interest rates on their debt as well as the cessation of late fees. Plans are typically set to be repaid in five years.

But credit counselors do much more than that. They provide counseling on various types of debt, including student loans and mortgage debt. While credit counseling agencies do not lend money, counselors can certainly walk a consumer through a budget to ensure the consumer can afford payments for the loan s/he is applying.

You visited   because you want to improve your love life. Visiting is the best thing you can do to improve your holistic financial wellbeing. 

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How Financial Literacy Can Improve Your RelationshipsFinancial Literacy in Relationships

The impact of financial literacy in relationships is oftentimes underestimated. It is

detrimental to a relationship if there is lack of understanding or appreciation of financial

principles by either party. In fact, studies have shown that financial issues are the

leading cause of stress in relationships. One survey conducted by SunTrust Bank found

that as many as 35% of respondents believed that money was the major cause of

friction in their relationship. Another study indicated that couples who fight about money

early in their relationships. Regardless of their debt burden, income and net worth, were

more prone to divorce. In many cases, the cause of financial tension in a relationship

stems from impaired financial literacy by both or either partner.

What is Financial Literacy?

Financial literacy is “the possession of knowledge and understanding of financial

matters.” This understanding of financial principles can improve the relationship

between couples. Without a proper understanding of how money works, people are

likely to make poor financial choices. In a relationship, poor financial decisions not only

affect the decision maker, but also affects the other partner as well as all other family

members, and especially children. However, if both partners have a clear understanding

of how their financial choices affect things. It is more likely that their decisions will have

a positive impact in the relationship.

Financial Literacy Makes For Relationship Literacy

Often times couples do not agree on financial matters because of differences in

socialization and differences in belief about how finances should work. Financial literacy

can help individuals to gain knowledge about concepts such as saving, debt

management, investing, preparing for retirement, insurance and so on. With increased

knowledge in each of these areas. Couples are more likely to agree of what are the right

decisions to make in order to end up in a better financial position.

To learn more about financial literacy visit our friends at Daydream Financial or Financial Counselors Association of America

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