According to a recent study released by the Nerd Wallet, the average household with credit card debt has balances totaling $16,748. One key finding from the study is that debt has grown, because the rise in the cost of living has outpaced income over the past 13 years, particular medical costs and food. And the trends don’t look like they will changing soon.
The study recommends consumers reduce their debt in order to reduce their interest.
GreenPath Can Help
GreenPath offers a number of services designed to help members deal with outstanding debt, including a free counseling session with recommendations for getting out of debt and a personalized action for moving forward.
GreenPath also offers credit report reviews designed to help members understand their credit report and options for dealing with outstanding debts.
One option for members may be a Debt Management Plan (DMP). Under a DMP, a counselor works with creditors to negotiate concessions and establish a disbursement plan to secure lower interest rates, eliminate fees, and stop collection activity.
If you would like to learn more about how GreenPath’s financial counseling program can benefit your members, while improving your credit union’s bottom line, contact Al Bilinski at 248-994-8802 or firstname.lastname@example.org.
GreenPath, a CUNA Strategic Services alliance provider, is a HUD-approved non-profit organization that partners with over 400 credit unions nationwide to provide members high quality financial counseling. GreenPath’s customized services and solutions have been helping people achieve their financial goals since 1961. Learn more at www.cunastrategicservices.com/greenpath.