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Credit Card Debt: Your Roadmap to Financial Freedom

With the rise of cashless transactions, credit cards have become an indispensable tool for many. Yet, they also represent one of the most common financial burdens people face. Welcome to the definitive guide on understanding credit card debt and the paths you can take towards a debt-free future.

At Money Fit, we specialize in helping individuals manage all forms of unsecured debt, but our core expertise lies in addressing the unique challenges of credit card debt.

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Table of Contents

Navigate through our comprehensive guide on credit card debt to better understand, manage, and overcome the financial challenges it poses. Click on any topic to jump to that section.

Understanding Credit Card Debt: Causes, Effects, and Solutions

The Anatomy of Credit Card Debt

The Rise of Credit Card Usage
Credit cards, once a luxury, have now become a modern necessity. Their convenience, the rewards programs, and the ability to make big-ticket purchases have catapulted their popularity. But with this convenience also comes a hidden snare – the ease of accumulating debt. In 2023, according to the Federal Reserve of New York, the average household has accumulated $7,951 in credit card debt, a 44% increase from just a decade ago.

How Debt Accumulates: The Cycle of Borrowing
Every swipe of a credit card is essentially a loan. If not paid off in full by the due date, interest is added to the principal, causing the owed amount to grow. Over time, minimum payments, combined with new purchases, can set a consumer on a treadmill of perpetual debt. Especially when one considers the average APR (annual percentage rate) of credit cards hovers around 21% as of the third quarter of 2023.

Causes of Credit Card Debt

Living Beyond Means
One of the most common reasons for spiraling credit card debt is spending more than one earns. Tempting advertisements, societal pressures, or simply not keeping track of expenses can lead to this financial pitfall.

Unexpected Medical Bills
Even with insurance, medical emergencies can lead to hefty bills. Many people turn to credit cards as a solution, but without a plan for repayment, this can result in long-term debt.

Lack of Financial Literacy
Often, individuals aren’t taught how to manage finances or understand the implications of credit card interest rates and minimum payments. A lack of financial education can inadvertently lead to accumulating and maintaining debt.

Effects of Credit Card Debt

Psychological Impacts
Debt isn’t just a financial burden; it weighs heavily on one’s mental well-being. Anxiety, stress, and even depression can be linked to sustained financial pressures.

Financial Consequences
Long-term credit card debt can lead to reduced savings, inability to invest for the future, or even bankruptcy. It’s a cycle that can impact one’s financial health for years or even decades.

Long-Term Credit Score Implications
Consistently carrying a high balance or missing payments negatively affects credit scores. A low score can lead to higher interest rates on loans, difficulty in securing mortgages, or even challenges in finding a rental apartment.

Strategies for Managing Credit Card Debt

Budgeting and Expense Tracking
Understanding where your money goes is the first step. Implementing a strict budget and tracking every expense can help reign in unnecessary spending and allocate funds to repay debt.

Debt Consolidation Options
For those with multiple cards or high-interest rates, consolidating debt can be an option. This means combining all debts into one loan, often with a lower interest rate, making it easier to manage and repay.

Seeking Professional Financial Counseling
Organizations like Money Fit offer guidance to individuals overwhelmed with debt. Expert advice, tailored strategies, and financial education can pave the way to a debt-free life.

Success Stories:
Triumph Over Credit Card Debt

Real-life success stories not only inspire those facing similar challenges but also highlight the tangible impact MoneyFit.org has on the lives of its clients. Let’s delve into some transformative journeys of individuals who managed to turn their financial situations around with our assistance.

Jane's Journey: From Overwhelming Debt to Financial Freedom

Before: Jane, a 32-year-old marketing professional, found herself buried under $25,000 in credit card debt. A combination of unexpected medical bills, impulsive shopping, and not being financially literate played a significant role in her growing debt.

The Turning Point: Jane reached out to Money Fit, seeking guidance on managing her spiraling finances. Our team helped her with budgeting, expense tracking, and introduced her to the concept of debt avalanche to tackle her highest interest rates first.

Outcome: Within two years, Jane managed to clear 80% of her debt. Today, she’s not only debt-free but also champions financial literacy in her community, ensuring others don’t fall into the same traps she did.

Michael's Momentum: Breaking the Chains of Minimum Payments

Before: Michael, a single father of two, was making only the minimum payments on his three credit cards, believing he was managing his debt. However, the accruing interest meant he was barely making a dent in the principal amount, totaling $15,000.

The Turning Point: After attending a Money Fit workshop, Michael realized the pitfalls of minimum payments. He decided to consolidate his debts and worked with our counselors to develop a tailor-made repayment plan.

Outcome: In 34 months, Michael was free of credit card debt. The money he previously used for repayments is now being invested in his children’s education funds.

Anita and Raj: A Couple's Collective Effort to Ditch Debt

Before: Anita and Raj, newlyweds in their late twenties, started their married life with a combined credit card debt of $40,000. The stress began affecting their relationship, with constant arguments about money.

The Turning Point: The couple approached Money Fit for joint counseling. They learned about the benefits of a debt management plan, and how Money Fit would work with their creditors to reduce their monthly payments, lower their interest rates, and have them out of debt in 5 years or less.

Outcome: Today, Anita and Raj are not only debt-free but also have a healthy emergency fund and savings for their future home. Their journey with Money Fit not only improved their finances but also strengthened their bond as a couple.

The stories presented on this page are fictional and are intended for illustrative purposes only. While they are representative of real experiences and results, they are generalized to protect identities of actual Money Fit clients. If you find yourself relating to any of these tales, remember that it’s never too late to seek help and rewrite your financial story.

These success stories embody the transformative power of informed financial decisions and the pivotal role Money Fit plays in facilitating them. If you find yourself relating to any of these tales, remember that it’s never too late to seek help and rewrite your financial story.

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These success stories embody the transformative power of informed financial decisions and the pivotal role Money Fit plays in facilitating them. If you find yourself relating to any of these tales, remember that it’s never too late to seek help and rewrite your financial story.
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FAQs: Answering Your Questions About Credit Card Debt

As credit card debt continues to impact millions worldwide, it's natural to have questions about its intricacies and solutions. We've compiled the most common questions we encounter at Money Fit, providing clarity and guidance for those navigating this financial challenge.

While the exact number can vary year by year, as of 2023, the average credit card debt for American households stood at $7,951. This figure underscores the pervasive nature of credit card debt and the need for effective management strategies.

Credit card interest is calculated using an Annual Percentage Rate (APR). When you carry a balance beyond the card’s grace period, this interest is applied to the remaining amount. By only making minimum payments, most of your money goes towards the interest, with very little reducing the principal amount. This is why balances seem to grow or remain stagnant even with regular payments.

Both are popular debt repayment strategies:

  • Snowball Method: You start by paying off the smallest debt amount first, while making minimum payments on others. As each debt is cleared, you move to the next smallest, creating a “snowball” effect.
  • Avalanche Method: You tackle the debt with the highest interest rate first, irrespective of its amount, aiming to reduce the overall interest paid over time.

The right method for you depends on your financial situation and psychological preference — whether you prefer quick wins (snowball) or long-term interest savings (avalanche).

Yes, many credit card companies are open to negotiation, especially if you’re facing genuine financial hardships. It’s possible to negotiate for a lower interest rate, a temporary forbearance, or even a lump-sum settlement for less than you owe. However, it’s crucial to approach these negotiations informed and, if possible, with the guidance of a financial counselor.
Your credit utilization rate (ratio of credit card balance to credit limit) plays a significant role in determining your credit score. High utilization rates can negatively impact your score. Furthermore, late or missed payments are reported to credit bureaus, leading to a decline in your credit rating.

Absolutely! Financial counselors or advisors, like those at Money Fit, can provide tailored advice, help you understand your debt landscape, and equip you with tools and strategies to effectively manage and reduce your debt.

Have more questions?

Don’t hesitate to contact us directly or explore our extensive resource library for deeper insights into credit card debt.

Resources to Help Manage Credit Card Debt

While our comprehensive guide offers a broad overview of credit card debt, there’s always more to learn. To further empower you in your journey towards financial literacy and freedom, we’ve curated a list of valuable resources, from detailed articles to tools that can help you gain deeper insights and make informed decisions.

Articles & Guides

  • The Science Behind Credit Card Interest: Learn about the complexities of how interest is calculated and how it impacts your overall balance. Read More →
  • The Emotional Toll of Debt: Understanding the psychological implications of long-standing credit card debt. Read More →
  • A Comprehensive Guide to Debt Consolidation: Explore the pros and cons of merging multiple debts into one. Read More →

Tools & Calculators

  • Debt Management Calculator: Calculate your estimated monthly payment through a Debt Management Program. Try it out →
  • Credit Card Debt Calculator: Quickly estimate the required payments on your credit cards based on their balances. Try it out →
  • 50/30/20 Budget Rule Calculator: This calculator offers a practical and efficient method to take when financial planning. Try it out →

Free Personal Finance Courses

  • Credit Voyage & Savings Success: Created in partnership with the Capital One Impact Initiative, these courses are designed to help you change your behavior and achieve financial success.
  • A Credit to You: Credit Basics: This course helps you understand what you need to know about credit histories, credit reports, and credit scores. Learn More & Sign Up →

Books & Literature

  • “Everyday Money for Everyday People” by Todd Christensen: Unlock financial stability and success with ‘Everyday Money for Everyday People’ – your gateway to breaking free from the paycheck-to-paycheck cycle. Drawing from centuries-old wisdom and modern insights from numerous workshops, Todd Christensen offers actionable tips and inspiring stories to guide you in making savvy, everyday financial decisions. Transform your financial future with a book forged from real experiences and proven strategies.
  • “Surviving Debt – 2023 Edition” by the National Consumer Law Center:  Navigate your way out of debt with the 2023 edition of ‘Surviving Debt’, acclaimed as the ‘best all-around guide’ by Business Insider. For over a quarter-century, this comprehensive resource has empowered millions with hard-hitting, expert advice on tackling various forms of debt. From managing medical and credit card debt to understanding the intricacies of bankruptcy, this edition brings fresh insights on contemporary issues including student loan cancellation and dealing with debts incurred from an abusive partner. Equip yourself with strategies to avoid foreclosure, increase income, and safeguard your financial future, all curated by the nation’s leading consumer law experts.

Personalized Assistance:
Tailored Solutions for Your Unique Financial Situation

While general information and resources are invaluable, there’s no substitute for personalized guidance tailored to your individual circumstances. At MoneyFit.org, we understand the nuances and intricacies that each person’s financial situation brings. Here’s how you can engage with us for a more tailored experience:

One-on-One Credit Counseling

Every financial journey is unique. Whether you’re at the start of your credit card debt journey or looking for advanced strategies to manage existing debt, our expert counselors are here to guide you.

  • What to Expect: A detailed analysis of your current financial situation, actionable strategies to manage and reduce your debt, and ongoing support to help you achieve your financial goals.
  • Schedule a Session: Ready to take control of your financial future? Book your personalized counseling session now →

Custom Debt Management Plans (DMPs)

For those who require a structured approach to managing multiple debts, our DMPs provide a roadmap to financial freedom.

  • What to Expect: Consolidation of multiple credit card payments into a single monthly payment, potential reductions in interest rates, and a clear timeline to becoming debt-free.
  • Learn More: Interested in how a DMP can benefit you? Discover the advantages and get started →

Articles About Credit Cards

Equip yourself with essential knowledge about credit cards through our comprehensive articles:

  1. How Credit Cards Work
    • Understand the mechanics and features of credit cards, from interest rates to grace periods.
  2. Reasons to Own a Credit Card
    • Explore the benefits of having a credit card, from building credit to earning rewards.
  3. Reasons to Avoid Owning a Credit Card
    • Discover potential pitfalls and reasons why some choose to live without credit cards.
  4. How to Get Out of Credit Card Debt
    • Learn actionable strategies to reduce and eliminate your credit card debt effectively.
  5. Credit Card Mistakes to Avoid
    • Familiarize yourself with common errors cardholders make and how to steer clear of them.
  6. Credit Card Debt Consolidation
    • Explore the process of consolidating multiple credit card debts into one manageable payment.

Empower yourself with these insights and make informed financial decisions.

Money Fit Community Support

Connect with others on the same journey in our dedicated community forums. Share your experiences, learn from others, and find motivation in a supportive environment.

Ready to Pay Off Your Credit Cards?

Don’t let credit card debt weigh you down. It’s time to take control and chart a path to financial freedom. Our team is here to guide and support you every step of the way. Call us at 1-800-432-0310 or apply online to start your journey towards a debt-free life.

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6213 N. Cloverdale Rd, Suite 130, Boise, ID 83713
Money Fit is a nationwide nonprofit 501(c)(3) organization. We do not lend money.

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Client Credit Report Authorization

You hereby authorize and instruct Debt Reduction Services, Inc. (DRS, dba Money Fit by DRS) and/or its assigned agents to:
  • Obtain and review your credit report, and
  • Request verifications of your income and rental history, and any other information deemed necessary for improving your housing situation (for example, verifying your annual property tax obligations and homeowner’s insurance fees)
Your credit report will be obtained from a credit reporting agency chosen by DRS. You understand and agree that DRS intends to use the credit report evaluate your financial readiness to purchase or rent a home and/or to engage in post-purchase counseling activities and not to grant credit. You understand you may ask any questions pertaining to your credit report. However, while DRS will review the information with you, the company is not able to furnish you with a copy of your credit profile. You hereby authorize DRS to share your information from your credit report and any information that you provided (including any computations and assessments produced) with the entities listed below to help DRS determine your viable financial options.
  • Banks
  • Counseling Agencies
  • Debt Collectors
  • Landlords
  • Lenders
  • Mortgage Servicers
  • Property Management Companies
  • Public Housing Authorities
  • Social Service Agencies
Entities such as mortgage lenders and/or counseling agencies may contact your DRS counselor to evaluate the options for which you may be eligible. In connection with such evaluation, you authorize the credit reporting and/or financial agencies to release information and cooperate with your DRS counselor. No information will be discussed about you with entities not directly involved in your efforts to improve your housing situation. You hereby authorize the release of your information to program monitoring organizations of DRS, including but not limited to, Federal, State, and nonprofit partners for program review, monitoring, auditing, research, and/or oversight purposes. In addition, you authorize DRS to have your credit report pulled two additional times to conduct program evaluations. You also agree to keep DRS informed of any changes in address, telephone number, job status, marital status, or other conditions which may affect your eligibility for a program you have applied for or a counseling service that you are seeking. Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.

Client Privacy, Data Security, and Client Rights Policy

NOTE: This sheet is to inform new or returning clients about our services, records, fees, and limitations that may affect you as a consumer of our services. This form also discloses how we might release your information to other agencies and/or regulators. If you do not understand a statement, please ask a Debt Reduction Services (DRS) counselor for assistance.

Debt Reduction Services, Inc. (DRS) has put into place policies and procedures to protect the security and confidentiality of your nonpublic personal information. This notice explains our online information practices and how we use and maintain your information to conduct our financial education and credit counseling sessions and to fulfill information and question requests. This privacy policy complies with federal laws and regulations.

To provide our financial education and credit counseling services, we collect nonpublic personal information about you as follows: 1) Information we receive from you, 2) Information about your transactions with us or others, and 3) Information we receive from your creditors or a consumer reporting agency. We do not share this information with outside parties.

We use non-identifying and aggregate information to better design our website and services, but we do not disclose anything that could be used to identify you as an individual.

You hereby authorize DRS, when necessary, to share your nonpublic personal, financial, credit, and any information that you provided (including any computations and assessments produced) with the following entities in order to help DRS provide you with appropriate counseling or guide you to appropriate services: third parties such as government agencies, your lender(s), your creditor(s), and nonprofit housing-related and other financial agencies as permitted by law, including the U.S. Department of Housing and Urban Development.

To prevent unauthorized access, maintain data accuracy, and ensure the correct use of information, we have put in place appropriate physical, electronic, and managerial procedures to safeguard and secure the information we collect online. We limit access to your nonpublic personal information to our employees, contractors and agents who need such access to provide products or services to you or for other legitimate business purposes.

Debt Reduction Services, Inc. complies with the privacy requirements set forth in the HUD housing counseling agency handbook 7610.1 (05/2010), including the sections 2-2 Mc, 3-1 H(2), 3-3, 5-3 F, and Attachment A.5. At all times, we will comply with all additional laws and regulations to which we are subject regarding the collection, use, and disclosure of individually identifiable information.

  1. Services: DRS provides the following housing-related services: counseling that includes Homeless Assistance, Rental Topics, Pre-purchase/Homebuying, and Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase); Education courses that include Financial literacy (including home affordability, budgeting, and understanding use of credit), Predatory lending, loan scam or other fraud prevention, Fair housing, Rental topics, Pre-purchase homebuyer education, Non-delinquency post-purchase workshop (including home maintenance and/or financial management for homeowners), and other workshops not listed above.

Please refer to DebtReductionServices.org for details of our services.

  1. Limits: Our services are limited to our normal weekday business hours. We do not provide individual counseling or education services after hours or on weekends, although our education courses are available 24/7.
  2. Fees: We do not charge fees for our financial management counseling and education. However, if you use them, you may have to pay for our Debt Management Program, Student Loan Counseling, Bankruptcy Certificate Services or certain financial education courses (homebuyer education, rental topics, fair housing, predatory lending, and post-purchase-non-delinquency including home maintenance and/or financial management for homeowners).
  3. Records: We maintain records of the services you receive, including notes about your progress or other relevant information to your work with us. You have the right to access and view your records by making a request to your counselor.
  4. Confidentiality: We respect your privacy and offer our services in confidence with the understanding that we may share such information with auditors and government regulators. Certain laws or situations may also lead to disclosing confidential issues, such as those involving potential child abuse or neglect, threats to harm self or others, or court subpoenas.
  5. Refusal of Services: You have the right to refuse services without any penalty or loss.
  6. Disclosure of Policies and Practices: You will be provided our agency disclosure statement.
  7. Sharing of Information: Sometimes we will need to contact other agencies or we may need to share your information, including your records, with other agencies or with regulators. We will do this only if you sign this form that gives us permission except for limited reasons; please see # 5 above for examples of such situations.
  8. Other: You have the right to be treated with respect by our staff, and we expect the same from you in return. We encourage you to always ask questions if something is not clear. We also encouraged you to express your thoughts and advocate throughout our services.

You acknowledge that this authorization will remain in effect for the duration of time that DRS serves as your housing counselor or financial education provider. You also acknowledge that should you wish to terminate this authorization, you will notify DRS in writing.

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Disclosure  Statement

NOTE: If you have an impairment, disability, language barrier, or otherwise require an alternative means of completing this form or accessing information about our counseling services, please communicate with your DRS representative about arranging alternative accommodations.

Program Disclosure Form

Disclosure to Client for HUD Housing Counseling Services

Debt Reduction Services, Inc. and its financial education arm, Money Fit by DRS, offer the following housing counseling and educational services related to housing, personal finance, and bankruptcy certificates to consumers:
  • Housing Education Courses: DRS offers many online self-guided education programs classified as Financial, Budgeting, and Credit Workshops (FBC), Fair Housing Pre-Purchase Education Workshops (FHW), Homelessness Prevention Workshops (HMW), Non-Delinquency Post Purchase Workshops (NDW), Predatory Lending Education Workshops (PLW), Pre-purchase Homebuyer Education Workshops (PPW), and Rental Housing Workshops (RHW). These courses help participants increase their knowledge of and skills in personal finance, including home affordability, budgeting, and understanding the use of credit, as well as predatory lending, loan scams, and other fraud prevention topics, fair housing, rental topics, pre-purchase homebuyer education, non-delinquency post-purchase topics including home maintenance and/or financial management for homeowners, homeless prevention workshop, and other workshops not listed above relating to personal finance and housing. Course details are found below under “Housing Workshops.”
  • Home Equity Conversation Mortgage (HECM) Counseling (RMC): Via telephone and virtual platforms, we offer the required HECM counseling nationwide in addition to in-person counseling in Boise, Idaho. We also offer in-home counseling options in thirty counties across southern Idaho for an additional fee to cover our travel and additional staff time costs.
  • Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase) (FBC): Clients receive counseling and materials on the proper maintenance of their home and mortgage refinancing. Clients can find help and resources by phone, in our Boise office, or virtually on all topics related to stabilizing their long-term homeownership.
  • Services for Homeless Counseling (HMC): Clients receive phone, virtual, or in-person (Boise) counseling to evaluate their current housing needs, identify barriers to and goals for housing stability, establish a path to self-sufficiency, and connect with emergency shelters, income-appropriate housing, and/or other community resources (e.g. mental healthcare, job training, transportation, etc.).
  • Pre-Purchase Counseling (PPC): Clients receive counseling through the entire homebuying process. Assistance may involve creating a sustainable household budget, understanding mortgage options, building their credit rating, and putting together a realistic action plan to set and achieve homeownership goals.  Additionally, clients will receive materials and resources about home inspections and other homeownership topics relevant to successfully maintaining a home.
  • Rental Housing Counseling (RHC): Via phone, in-person appointments (Boise, ID), or virtual platforms, clients receive housing counseling relevant to renting, including rent subsidies from HUD or other government and assistance programs. Topics can also address issues and concerns having to do with fair housing, landlord and tenant laws, lease terms, rent delinquency, household budgeting, and finding alternate housing.
DRS also offers the following services:
  • A Debt Management Program (DMP) for consumers struggling to pay their credit cards, collections, medical debts, personal loans, old utility bills, and past-due cell phone accounts;
  • The Budget Briefing and Debtor Education Certificates that are required during the Bankruptcy filing process;
  • A Student Loan Repayment Plan Counseling and application service.

Relationships with Industry Partners

Through such services, DRS has established financial relationships with hundreds of banks, credit unions, and creditors such as American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Credit One, Discover, Synchrony, US Bank, USAA, Wells Fargo, and others.

No Client Obligation

The client is not obligated to receive, purchase or utilize any other services offered by DRS or its exclusive partners to receive financial education or housing counseling services. Alternatives: As a condition of our counseling services, in alignment with meeting our client services goals, and in compliance with HUD’s Housing Counseling Program requirements, we may provide information on alternative services, programs, and products available to you, if applicable and known by our staff. Alternative DMP services include negotiating better repayment terms directly with your individual creditors, paying your debts as agreed, or, in extreme cases, filing for personal bankruptcy. Alternative credit and education services can be found through MyMoney.gov or the Jump$tart Clearinghouse of online financial education resources. Housing counseling alternatives can be found through HUD at www.hud.gov/findacounselor.
Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.
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Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).

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Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).