How Much Money Should Be in Your Emergency Funds?
The amount of money you need to have in your emergency funds differ slightly depending on your lifestyle and living situation. In general you should keep between three and six months of what you need to meet basic living expenses and bills. If you are single and not married you can easily get by on three months of living expenses, but it’s still recommended that you have six months saved up. Married couples should always have six months worth of living expenses in their emergency funds and possibly more depending on how many children you have.
How Much Does Credit Counseling Cost?
Credit counseling is a great option to consider when you’re looking to rid yourself of all your financial debt. Many individuals approach credit counseling carefully, not wanting to spend even more money to get out of debt only to get further in. Most credit counseling agencies are non-profit organizations. Don’t get confused here, this doesn’t mean that some type of charge won’t be filed, because in most cases it will be. A few agencies take your first payment as their fees and that’s it. Make sure you never pay money to learn information about an agency.
How Does Credit Counseling Work?
One viable option that you have if you’re in debt is hiring a professional credit counselor to help you work out your financial situation. A consumer credit counselor will analyze your current situation along with some other important pieces of information. Some of this information includes your balance, past due accounts, and your minimum payment. The counselor will take this information and then develop a debt management plan to help you get out of debt. The plan is also sent to your creditors for approval. This is a great option that allows you to avoid filing for bankruptcy, and aids you in getting out of debt more quickly