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What to Expect When Working with American Financial Solutions Credit Counselors

Debt Management Plan Infographic

How Do I Start a Debt Management Plan?

Taking action in the face of overwhelming financial worries can be hard. Getting advice, direction, and encouragement from someone you trust can make all the difference. That’s the first thing to expect from American Financial Solutions: you’ll talk with someone who cares about your success. Pick up the phone and call today. If you’re looking for help with debt management, credit counseling, or a host of other financial education services we offer, you can also get started by filling out the online application. 

How long does the credit counseling process take?

A typical debt management counseling session will last about an hour, but every client’s situation is unique. Your credit counselor will take as much time as necessary to determine the best plan of action to meet your individual financial goals.

What information will be covered in my counseling session?

In order to develop the best debt solution for you and your individual needs, our credit counselor will need to know about your assets and income, liabilities and limitations, and monthly budget. Your counselor will help you to identify any specific short or long-term financial goals you are trying to achieve. Any information you share with us is strictly confidential.

What will my financial action plan entail?

Once your credit counselor has gathered together as much information as possible about your current situation, we will develop an action plan to help you reach your financial goals. This plan may be a combination of several solutions available to you including referrals from our resources center, payment strategies, or a Debt Management Plan – which will consolidate your monthly payments into one manageable payment. 

Note: Be aware that American Financial Solutions is not a debt consolidation company that will require you to take out a loan to pay off your debts. We work with our credit counseling clients to come up with workable debt solutions that do not require additional loans.

Do I need a Debt Management Plan?

Debt Management Plans are tools to help those struggling with credit cards, medical bills, and other debt. Many of our clients do not need to enroll in a Debt Management Plan. Instead, they follow the action plan developed with their counselor using other strategies to reach their financial goals.

Your counselor will help you decide if a Debt Management Plan would help you achieve your financial goals. Under a Debt Management Plan, we will consolidate your bills into one monthly payment, request that creditors lower your overall interest rates, bring your accounts current, and eliminate late and over-the-limit fees.

Is a Debt Management Plan right for me?

A good candidate for a Debt Management Plan has a high debt-to-income ratio and is having trouble making minimum payments.   They may have fallen behind on their payments and cannot come up with the current minimum payment including the late payments and fees.  Their budget shows that they can afford to make the DMP payment which will help them to pay off the debt in a much shorter period of time than they could on their own if creditors wave penalties and lower interest rates.  They are committed to becoming debt free.

What kind of ongoing customer support can I expect?

We pride ourselves on our excellent customer service and the relationships our credit counselors develop with their clients. Our credit counseling services are available to you from 6 a.m. to 6 p.m. Pacific Time, Monday through Friday. You may also access your account online 24/7 via our website and secure client login.

A word from American Financial Solutions

Please be aware that while we offer Debt Management Plans that consolidate loan payments into one convenient monthly payment each month, we are not a debt consolidation company. Debt consolidation companies frequently offer loans at high-interest rates that their clients use to “consolidate” their loans. This can lead to a difficult financial situation if you can’t make the higher payments required for the new loan. We educate and advise our clients to help them make financial choices that lead to long-term, positive results.

American Financial Solutions is a registered, 501(c) 3 non-profit agency, part of the North Seattle Community College Foundation, and a proud member in good standing with the Better Business Bureau.  We are accredited by the Council on Accreditation and the National Foundation for Credit Counseling. Read our excellent Trustpilot reviews here.

If you are in falling behind, don’t wait.  Speak to a credit counselor now and ask them about debt management and whether it’s the right solution for you.