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Credit Counseling Services

If you’re struggling with your debts or looking for better ways to manage your finances then Credit Counseling could be the solution that you’re looking for. In this section, Consolidated Credit Counseling Services, Inc. offers an overview on the credit counseling process, explaining how counselors help consumers explore their debt relief options.

Credit Counseling Calculators

The first step to knowing whether you're potentially in financial trouble is to know how much you spend each month to pay off debts and other ongoing obligations.

This debt ratio calculator will help you find out how much you're paying each month and whether your debt to income ratio is acceptable or too high.

Why is it so important to know your debt to income ratio?

A consumer's debt-to-income ratio is one of the most important aspects of their personal finances because it gives a fairly complete picture of now only how much they take in, but how much they can afford to spend every month on non-discretionary items (such as mortgage, car, credit cards and other loan payments).

How does the debt ratio calculator work?

Debt to income ratio calculates how much debt a family can afford to take on. Consumers should put their gross income and their spouses, if they have one, into the debt ratio calculator. It's a calculation for the entire household, not an individual. Any additional income that is received monthly should also be added (i.e. child support, alimony, social security, etc.) Once a consumer determines how much they earn every month before taxes, they can then begin factoring in other aspects of their personal finances.

These monthly costs, which are sometimes referred to as recurring debt, will typically include everything from a consumer's mortgage payments - including what they owe in interest, various taxes and so forth - car and student loan payments, monthly credit card minimums and other such expenses. Avoid adding general household expenses such as groceries, utility bills and gasoline costs.

Once consumers know both their household gross income and their recurring debt, they should divide the latter by the former. By doing so, they'll be able to see just how much of their money they're putting toward their monthly debt obligations before taking basic necessities into consideration.

Debt ÷ Income = Debt to Income Ratio

What is the recommended debt to income ratio?

Most experts recommend that consumers should not let their debt-to-income ratio exceed 35 or 36 percent, at which point lenders will tend to consider them risky investments and therefore either begin to deny them lines of credit, or at least withhold the best available rates. The only way to lower a debt to income ratio is to either increase income (by getting another job) or decrease debt.

Consolidated Credit Counseling Services can help struggling consumers find a reasonable monthly budget that allows them to increase the amount they pay into their outstanding credit card debts every month, thereby successfully reducing the amount they owe more quickly. This will effectively help to reduce their debt-to-income ratio to more manageable levels that will put them in a better financial position moving forward.

However, not all financial problems can be fixed by simple budgeting, and in these cases the consumer's dedicated credit counselor will help them explore their different debt options - which can include debt management – that are available to them and which would work best for them and their current financial situation.

If you’re struggling to bring in enough money to pay your debts, call 1-888-881-3619 to speak with a certified credit counselor.

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Coping with Financial Stress

If you're under financial stress, you may be arguing with your spouse or family members about money, experiencing headaches or panic attacks, hiding bills or receipts from family members, or finding it difficult to sleep at night. Your eating habits may have gone south, and you may find it hard to make it through the day. Use this guide to help you deal with your stress.

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"We are really proud to recommend Consolidated Credit" Dr. Jennifer O’Flanery, Ph.D. President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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All Consolidated Credit counselors are certified personal financial counselors (CFC)
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating.
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Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company.
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U.S. Department of Housing and Urban Development - HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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