Did you know that student loan debt is the fastest growing debt category in the country? In fact, student loan debts are growing at a rate ten times faster than credit card debt. A new study conducted by the Consumer Financial Protection Bureau reports that there are approximately 37 million Americans with student loan debt. The total of their debts are nearly $1 trillion. Student loan debt currently represents the second highest debt category, behind only home mortgages. That’s why the country’s largest credit counseling agency, Money Management International, has announced its plans to offer a new credit counseling program for students.
Geared Towards Students
Many bankruptcy cases are the result of financial hot water because of high student loan debt. That’s why Money Management International, or MMI, is offering this program. It is their way of educating, counseling, and advising students on the best possible ways to deal with their student loan debt.
The program allows the debtors to meet with trained counselors in one-on-one settings to discuss their options. This is good news to Dallas bankruptcy attorneys who has to deal with young people filing for bankruptcy on a regular basis.
The program includes a complete personal finance assessment, budget analysis, financial goal assessment, and plan of action creation. The idea is to help people not only with their student loan debt, but also in preparing for a better financial future. People are bound to repeat their mistakes if they do not learn from them.
MMI was founded in 1958 and has since become the biggest nonprofit credit counseling agency in the nation. All of MMI’s credit counselors are HUD certified and approved by the EOUST.