Best Credit Counseling Services Of June 2024 – Forbes Advisor


Senior Staff Writer

Lead Editor, Taxes & Consumer Finance

Updated: Jun 1, 2024, 12:38am

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Credit counseling organizations often provide useful information and help for various financial matters, including debt consolidation services, bankruptcy counseling and housing assistance for buyers, renters and homeowners. Depending on your needs, some of the services may be free, while others may require a fee.

The best credit counseling organizations are transparent about their charges, have a stellar customer service record and employ knowledgeable staff.

Best Credit Counseling Services of 2024


Best for Disaster Recovery Counseling

Money Management International

Money Management International
Money Management International

Editor’s Take

Money Management International received the top score from Forbes Advisor across categories. Its free budget and debt counseling services get glowing customer reviews, plus they offer unique services—such as disaster recovery—that other agencies don’t. In addition, its phone counseling services are available 24/7.

Pros & Cons

  • Offers disaster recovery counseling services
  • Can provide reverse mortgage counseling
  • Has a mobile app for added accessibility
  • Though credit counseling is free, debt management services are fee-based

Details

  • Post-disaster financial recovery counseling
  • Personalized assistance for disaster survivors through Project Porchlight
  • Student loan counseling

Best For National Coverage

American Consumer Credit Counseling

American Consumer Credit Counseling
American Consumer Credit Counseling

Editor’s Take

American Consumer Credit Counseling offers debt management plans as well as housing-related guidance to consumers in all 50 states and the District of Columbia. You can start with a free counseling session in which a certified credit counselor reviews your budget, debt and financial goals. ACCC also offers student loan counseling, which is not available through all nonprofit counseling organizations.

Pros & Cons

  • Offers student loan counseling
  • Free session with a certified counselor
  • Debt management program fees are relatively low (a one-time $39 enrollment fee plus a monthly maintenance fee ranging from $7 to $70 per account)
  • Customer service hours are limited
  • Pricing is not fully disclosed on the website

Details

  • Free consultation with a certified debt specialist
  • Consolidate credit card bills into one monthly payment
  • Housing counseling services for a variety of situations

Best For A Mix Of Services

Apprisen

Apprisen
Apprisen

Editor’s Take

Apprisen has several programs tailored to specific financial needs and goals, including Propel, its subscription-based financial health program, and IRIS, a free online financial assessment service.

Pros & Cons

  • Easy-to-navigate website
  • Consumers can choose from an array of financial services
  • Free assessments available
  • Financial action plans can take up to three days to receive
  • Specialists’ weekend availability is quite limited

Details

  • Free custom financial assessment
  • On-demand financial coaching services
  • Student loan counseling

Best for Credit Coaching

GreenPath Financial Wellness

GreenPath Financial Wellness
GreenPath Financial Wellness

Editor’s Take

GreenPath Financial Wellness has an easy-to-navigate, consumer-friendly website. It also offers online and over-the-phone counseling services in all 50 states and in-person services in select locations.

Pros & Cons

  • Comprehensive housing help for renters, buyers and owners
  • Brick-and-mortar offices
  • 60 years in business
  • Average costs of debt management plan are $28 per month and a setup fee of $35
  • $199 fee for reverse-mortgage counseling

Details

  • Counseling for homeowners and renters
  • Free debt counseling
  • Helped more than 18,000 households avoid foreclosure in 2022

Best Mobile Option

Consolidated Credit

Consolidated Credit
Consolidated Credit

Editor’s Take

Consolidated Credit has been in business since 1993 and offers a particularly wide range of financial counseling services and tools online. It has overwhelmingly positive reviews on the Better Business Bureau website.

Pros & Cons

  • Offers a wide variety of free online resources
  • Interactive courses and calculators
  • The website is not well organized

Details

  • Apps available for Android and iPhone
  • Free credit counseling with a certified professional
  • First-time home buyer counseling

Best For Online Resources

InCharge Debt Solutions

InCharge Debt Solutions
InCharge Debt Solutions

Editor’s Take

InCharge Debt Solutions is a one-stop shop for credit counseling services nationwide. Consumers can get a free counseling session and work on a host of financial issues, including bankruptcy and student loan debt.

Pros & Cons

  • Offers bankruptcy counseling
  • Can help clients fend off eviction
  • Customer service hours are limited
  • Fees vary based on your state and amount of debt

Details

  • Online bankruptcy classes are available
  • Free credit counseling services with certified professionals
  • Foreclosure and eviction prevention counseling available

Summary: Best Credit Counseling Services


What Are Credit Counseling Services and What Do They Do?

Credit counseling services are usually nonprofit agencies that assist people with meeting financial goals or handling money problems. The counselors typically have a personal finance certification from an organization such as the Council on Accreditation. A counselor will analyze your financial situation and give you options for meeting your goals—whether they include paying down debt or buying a house.

Often, the initial counseling session is free. This first session may include a deep dive into your finances to help you make an action plan. However, if you decide to consolidate your debt, the counseling organization may charge a fee for that service.

Credit counseling can include:

  • A comprehensive review of your finances and credit score
  • Help in developing a budget
  • Educational materials and workshops
  • A debt management plan to pay down your debts
  • Student loan, housing and bankruptcy counseling


Things To Try Before Using Credit Counseling

Some people may steer clear of credit counseling because they assume that it automatically means debt consolidation. Consolidation is not a requirement.

Other alternatives to debt consolidation are making minimum payments on the debt until you can afford to pay more, or transferring your debt to a low-interest credit card. These options will likely save your credit score, which can be important if you’re looking for a job or getting a mortgage.


How To Stay Safe if You Use a Credit Counseling Service

When looking for a credit counseling service, you’ll want to ensure they have a good reputation and employ certified credit counselors. Reputable credit counseling agencies will be transparent about their fees. According to the Consumer Financial Protection Bureau, if a credit counseling agency insists on getting your personal information or money before giving you information about their services, consider that a red flag.


Bottom Line

If you’re struggling with debt or just need financial guidance, a credit counseling agency can be a great resource. Take time to research various agencies before choosing one; reading reviews and getting word-of-mouth recommendations are two good places to start.

The National Foundation for Credit Counseling and the Financial Counseling Association of America maintain lists of accredited credit counseling agencies. The Department of Justice also publishes a state-by-state list of approved credit counseling agencies.


Methodology

Forbes Advisor compared the top credit counseling services on the market today to find the best options for the largest number of consumers. We considered each organization’s variety of services, cost for services, customer reviews and overall consumer experience. To assess the overall experience, we looked at the availability of online chat, apps and personalized dashboards.


Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

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