Many people may wonder when is the right time to get help with debt. While every situation is different, the main signs that there are minimal payments being made with credit cards or the exact amount of the aggregate debt is unknown. These are strong indicators that more financial assistance is needed for wellbeing plus a payment on your credit card lacking a loan, lease, or mortgage. Understanding your options and resources can be free. At Elevations Credit Union we offer all members access to GreenPath Financial Wellness. * GreenPath provides Elevations members with access to debt management services, financial education tools, and free personal financial advice. The sooner you contact support, the sooner things can get back to normal.
Financial wellness tools
GreenPath has a library of financial literacy articles, online courses, webinars, and calculators. Their resources cover a wide variety of topics including housing, budgeting, car finance, and more. These tools are useful for members who need help with their credit or just want to plan their financial future.
Free financial consultation
GreenPath offers free financial advice and education to assist members striving to pay off debt. Your professional, caring coaches will share options, including ways to pay off debt on your own or a debt management plan. During a counseling session, prepare to answer questions about your finances, debts, and current needs so the counselor can create a personalized plan for your unique needs.
Debt management plans
After reviewing your situation, your financial advisor may recommend a debt management plan (DMP). A DMP is designed with the intention of paying back all of the amount you owe, typically in three to five years. This can help you pay off credit card debt faster and save on interest costs.
A DMP can:
- End collection calls
- Lower interest rates
- Lower monthly payments
- Avoid late fees and fee overruns
Typical steps in a debt management plan:
- Once you have decided on a Debt Management Plan (DMP), your debt advisor will reach out to your current creditors on your behalf.
- You will work with your creditors to, for example, negotiate monthly payments, waive overdue fees, or lower the interest rate on your account.
- Once your advisor has been able to speak to all of your creditors, he will contact you to discuss the results and the plan he has created.
- If you agree to the DMP, you may have to pay a setup fee and agree to a monthly fee. Elevations Credit Union members do not have to pay any setup or monthly fees for a DMP through GreenPath.
- When you have a new monthly payment, it can be electronically sent to your debt counseling service every month. You then take on the task of sending the agreed amounts to each of your creditors.
- Your DMP may contain terms by which you will close some or all of the credit cards in your DMP and agree to discontinue use of other credit cards. You may be asked not to open new accounts or use other cards.
- Your creditors can monitor your credit report and cancel your DMP if they find that you are using other credit cards or opening new accounts and are not following your DMP.
- Complete your plan, make your monthly payments, and contact your advisor if you are concerned that you may not be able to make full payment. If you miss a payment, your monthly payments and interest rates can go up. Your creditors can also report late payments to the credit bureaus.
Is GreenPath associated with Elevations Credit Union?
GreenPath provides debt management services, financial literacy tools, and free personal financial advice. While Elevations prides itself on sharing GreenPath’s services with our members, GreenPath is a third party organization that is not affiliated with the Elevations Credit Union. Because of this separation, GreenPath is a neutral source acting on behalf of our members. This means that GreenPath can help with credit counseling and debt management plans that cover all of a member’s finances, not just the accounts they have with Elevations Credit Union. See all GreenPath offers and contact them today.
* GreenPath Financial Wellness is not a subsidiary of Elevations Credit Union. Credit Union does not guarantee the services offered by GreenPath. This free service is only available to Elevations Credit Union members. The service can be discontinued with or without notice.