Credit Counseling & Financial Wellness
With so many financial obligations and options, money and debt management may seem difficult and confusing at times. Credit counseling in Madison is is typically unbiased and useful financial advice about lowering debt, managing student loans and creating a budget provided by a not-for-profit organization. Your credit union can help to some extent with these also but credit counseling agencies go beyond to negotiate with creditors and execute a full debt reduction plan.
Some people are skeptical that credit counseling is a scam. If an agency uses terms like “credit repair” or “debt elimination” you should be skeptical. Beware of promises that are way too good to be true. That’s a clear signal of a scam. Be sure to do your research or get a trustworthy referral before reaching out to a credit counseling agency. Legitimate credit counselors typically won’t charge for the initial session. DCCU members have free access to credit counseling, money management and financial education services with our reputable partner GreenPath Financial Wellness.
Who is a good candidate for credit counseling in Madison? Most people will benefit from quality unbiased advice even if you don’t need a debt management program. A good indicator is your debt to income ratio. Add up all your monthly credit obligation payments and divide that by your monthly income. If you ratio is under 18% you are right on track. If it’s between 18% - 36% it could be considered a sign of trouble. Over 36% is a red flag that creating a plan is critical.
Debt = stress. If you’re in debt, even very large debt, the best goal you can have is to repay everything you owe. This will be favorable to your credit, and a good credit counseling agency will help you do so in a way that allows you to save money over time and avoid damaging bankruptcy.
GreenPath Financial Wellness
GreenPath is a non-profit company that equips people with knowledge and tools to lead financially healthy lives. They can partner with you to ease financial stress, manage debt, save for the future, make informed financial decisions, and achieve your financial goals.
- Debt Counseling
- Housing Services
- Debt Management
- Student Loan Counseling
- Credit Report Review
- Bankruptcy Counseling
- GreenPath University
- "Write on the Money" Blog
GreenPath offers free credit counseling and debt counseling to help ease your financial stress, address your financial concerns, and develop a plan for living a financially healthy life. If you’re concerned about debt...
GreenPath can help with debt counseling
Are you behind on your rent or mortgage? Do you plan to buy a home soon? Are you considering taking out a reverse mortgage loan or home equity loan? Relax, you’re not alone...
GreenPath can help with reverse mortgage loans
Are you tired of living with the stress and anxiety that goes along with credit card debt? Stop suffering. GreenPath specializes in working with people to eliminate credit card debt.
GreenPath can help with debt counseling.
Student Loan Counseling
Making the wrong decision about how to handle your student loans in Madison can be costly. We’ll empower you to make an informed decision on which repayment option is best for you.
GreenPath can help with student loan counseling.
Credit Report Review
A poor credit score can create potholes and pitfalls on your path to financial health. Over the life of a single loan, your credit score could either save you thousands of dollars or cause you to pay much more in interest charges. So it’s important that you manage your credit score closely.
GreenPath can help with managing your credit score.
Are you considering filing for bankruptcy? If you have not yet decided whether to file for bankruptcy to eliminate credit card debt or other types of debt, contact GreenPath for a free debt counseling session.
GreenPath can help with bankruptcy counseling
GreenPath is a free benefit available to all DCCU members. Visit the GreenPath website or call 877-337-3399 for more information.GreenPath counselors are available Monday through Thursday 7 a.m. to 9 p.m. (CST), Friday 7 a.m. to 6 p.m. and Saturday from 8 a.m. to 5 p.m.
Online Learning from Greenpath
Checking Accounts 101
Want to learn more about managing your checking account? Need tips on how to stay organized and avoid overdraft fees? CheckRight is a web-based checking account education module designed to teach you how to manage your checking account properly.
Use CheckRight to learn how to:
- Open an account
- Write checks
- Make deposits
- Maintain a check register
- Reconcile an account
- Create a spending plan
Whether you’re looking to open a checking account for the first time, have had difficulty handling your account in the past, or are somewhere in between, CheckRight can help you learn how to manage your account and strengthen your relationship with Dane County Credit Union. Get started now.