How to Make the Best Use of Your Time with a Credit Counselor

Working with a credit counselor is a smart way to find solutions to your debt problems.  A well-trained professional credit counselor has a full arsenal of tips and strategies to help you make the most of your income and alter your spending habits as you work toward reducing and eventually eliminating your debts.  One of the keys to effectively using your time with a credit counselor is to have certain pieces of information in hand before your first meeting.  Showing up prepared will help both of you avoid time-wasting activities that could have easily been done on your end without any input from the credit counselor, such as making a list of your expenses and income.

 

That’s the first thing a credit counselor will ask you.  How much do you make and how much do you spend?  The answers need to be exact, so that your counselor can help you work out a budget that is actually feasible.  As any good credit counselor will tell you, it’s very easy to underestimate how much money you’re actually spending every month, so don’t simply estimate it.  Take the time to look over a few months’ worth of bank savings and checking account statements and all of your credit card and store card statements.  Try to use the average of at least the last three months to get as accurate a picture of your true spending habits as possible.  This is precisely the kind of specific information your credit counselor will rely on to give you the best help he or she can.

 

If your income varies because you’re self-employed, work on commissions, or get bonuses from time to time, find an average of the last 6-12 months.  Again, this is a more accurate picture of your true income numbers, which will greatly improve your chances of getting the most out of your time with a credit counselor.  Having this information in hand before your first meeting with the credit counselor will mean you can move on to the advice portion of the meeting that much faster.

 

Finally, sit down one evening when you can clear your mind and focus completely on the task at hand, and write out any and all questions that come to mind that you may want to ask the credit counselor.  Try doing this the night before your meeting so that it’s still fresh in your mind during your meeting.  Remember - there are no stupid questions when it comes to finding ways to improve your financial situation!

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