Financial Education
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Basic things you can do to get your finances in order:
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Prepare a household budget
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List assets
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Set priorities
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Make a list of creditors
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Notify your creditors and stay in touch
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Pay what you can
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Stop credit purchases
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Reduce household expenses
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Sell what you don’t need
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Check into other financial resources
If you’re feeling overwhelmed by existing debt or would simply like to learn how to manage your money to stay out of debt, credit counseling agencies can help.
Local Financial Counseling Services
Compass of Carolina
1100 Rutherford Rd. Greenville, SC 29609
(864) 347-3434 http://www.compassofcarolina.org/
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In Person Counseling/Phone counseling
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Housing Pre-Purchase Counseling
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Housing- Delinquency Counseling
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Pre-Filing Counseling
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Pre-Discharge Education
Urban League of the Upstate
15 Regency Hill Dr. Greenville, SC 29607
(864) 244-3862 www.urbanleagueoftheupstate.org
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Housing counseling in rental, mortgage assistance
Credit Counseling
Reputable lenders are more interested in receiving money owed to them than they are in harassing you. They understand that difficulties can arise and know that an amended schedule of payments worked out to the satisfaction of both parties is by far the best way of promoting full payment. Once again, it’s essential that you contact your creditor or your creditor’s servicing agent as soon as you know that a loan or bill will be behind. Creditors will be particularly responsive to alternative arrangements by a person who has established a good record of payment.
For more information about credit counseling and other resources on home foreclosure, handling medical debt or other types of debt management, go to the following website of the National Foundation for Credit Counseling.
When looking for a reputable credit counseling agency, keep the following guidelines in mind:
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Avoid credit counseling agencies that advertise on television, use telemarketing, or send out spam emails, even if they say they are not-for-profit;
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If the agency is asking for large up-front fees or keeps your first month of payment, this is a warning sign that you should look elsewhere;
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Be wary of giving out personal financial information over the phone unless you know that you are working with an accredited group such as a Consumer Credit Counseling Service (CCCS) agency.
Bank Accounts
Managing your money at a financial institution, either a bank or credit union, will make sure your money is safe and can save you money in fees. Having a bank account allows you to get more immediate access to your money through direct deposit of your paycheck or tax refund.
IMPORTANT QUESTIONS TO ASK/ CONSIDER:
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What type of account do you need?
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Where is a convenient location to do your banking? Are the hours convenient?
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What happens if you bounce a check? What are the other fees associated with the account?
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What are the terms of the account? Do you have to maintain a minimum balance?
Basic Budgeting
Keeping track of your expenses and income can help make sure that you are able to meet all your monthly needs and even set aside some money for the future. Take account of all the money that you earn and spend in a one-month period. Then consider where you can make some changes to meet your monthly needs.
Register with SC One-Stop, click on "Services for Job Seekers," then click on "Financial Services" to find helping budgeting worksheets.
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