Credit Counseling/Money Management
Getting a realistic picture of your financial situation is crucial. Local non-profit budget and credit counseling agencies often provide services that can help you:
- Get the necessary information to evaluate your situation.
- List your available assets and current and expected debt obligations.
- Make a realistic budget.
- Communicate honestly with family about the situation.
- Deal pro-actively with creditors to avoid eviction, foreclosure, repossession, harassing phone calls and to protect your credit record.
- Make a new plan to deal realistically with your new financial reality.
- Prioritize your actions.
You may also want to meet with someone from your employer's Human Resources office and/or union before your job ends to get information about potential pension, severance payments or other benefits to which you may be entitled.
Here are a few agencies which can help:
- Clearpoint Financial Solutions
Provides free credit and debt counseling. Also provides debt management services for a monthly fee.
5050 Poplar Avenue # 1101
Memphis 38157
Call 901-276-2000 or 877-422-9045 Mon - Fri 8:00 am - 5:00 pm.
www.clearpointfinancialsolutions.org
- Consumer Credit Counseling Agency
Provides free budget and debt counseling services. Also provides debt management services on sliding fee scale.
2400 Poplar Avenue # 445
Memphis 38112
Call 901-323-4909 OR 800-225-2227 Mon - Fri 8:00 am - 5:00 pm
2855 Stage Village Cove # 5
Bartlett 38134
Call 901-383-2193 or 800-225-2227 Mon - Fri 8:00 am - 5:00 pm
www.helpingfamilies.org
- US Federal Trade Commission - Free Annual Credit Reports
Provides instructions on how to apply for free annual credit reports from all of the three major credit reporting agencies
www.annualcreditreport.com/cra/index.jsp
You may be able to restructure or reduce your student debt from school loans through two federal loan programs.
- Income-Based Repayment (IBR) or Public Service Loan Forgiveness (PSLF) programs
www.ibrinfo.org/
Call LINC/2-1-1 for additional referrals for free or low-cost credit counseling and money management assistance.
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