According to recent studies, less than half of American families live on a budget or keep track of their expenses, and one in three carries a credit card balance from month-to-month. Nonprofit Guidewell Financial Solutions (also known as Consumer Credit Counseling Service of Maryland and Delaware, Inc.) is working to reverse these trends. In celebration of Financial Literacy Month, it offers five financial services to help local residents to take control of their finances.
President and CEO Helene Raynaud says, “Sound financial decisions don’t just happen. They are learned and perpetuated through practice. Here at Guidewell Financial, we have a 50-year track record of helping clients gain these skills. We provide them with advice and resources to make better choices and ultimately get ahead.”
The five services that help clients become financially confident and secure are:
- Budget counseling. All financial counseling appointments begin with a holistic financial assessment to help clients figure out where they stand and where they want to go. Counselors also help them set up a budget and look for ways to reduce expenses and increase income.
- Credit counseling. Credit counselors help clients review their credit and loan accounts and evaluate possible repayment strategies. Based on this information, they then come up with a workable plan.
- Debt management. Once clients have a budget in hand, they may be able to repay what they owe on their own. If not, they may be eligible to participate in the agency’s structured debt management program or in worst cases situations to receive bankruptcy counseling and education.
- Student loan counseling. Student loan debt counselors help borrowers review their loan agreements and consider possible repayment options. They also serve as client advocates during phone contact with loan providers and servicers. Counseling is available no matter if student loan payments are coming due, delinquent, or defaulted.
- Credit building. Guidewell Financial’s Save2Build loans help clients with no credit or poor credit build healthy credit. This type of loan is held in a locked savings account for 12 months. Program clients make payments of about $26 per month until their loan is satisfied. Their payments are reported to major credit reporting companies to help them build better credit. At the completion of the loan, they receive the $300 they saved.
All of Guidewell Financial’s counselors are certified. Counseling and screening sessions take place by phone are at its offices in Catonsville, MD or Wilmington, DE. Call 1-800-642-2227 to schedule an appointment. Visit the agency’s website to learn about its other services.
Raynaud says, “Guidewell Financial is delighted to offer these services to help Maryland residents increase their financial skills and wellbeing. The more we all learn now, the better off we’ll be!”
About Guidewell Financial Solutions
Guidewell Financial Solutions (also known as Consumer Credit Counseling Service of Maryland and Delaware, Inc.) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling. Maryland License #14-01 / Delaware License #07-01
Copyright © 2017 by Guidewell Financial Solutions.