It is a professional financial advisor who assists overextended consumers in repairing budgets for both spending and debt repayment.
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The professional financial advisor who assists overextended consumers in repairing budgets for both spending and debt repayment is commonly known as a Credit counselor.
Credit counselors are trained professionals who provide guidance and support to consumers struggling with debt. They typically work for non-profit organizations or credit counseling agencies, and their primary goal is to help consumers regain control of their finances by creating a realistic budget and a debt repayment plan that suits their needs.
Credit counselors can help consumers in several ways, including:
Reviewing the consumer's financial situation: Credit counselors will review a consumer's income, expenses, debts, and credit history to get a comprehensive understanding of their financial situation.
Creating a budget: Based on the review, credit counselors will create a personalized budget that prioritizes essential expenses while making room for debt repayment.
Negotiating with creditors: Credit counselors may negotiate with creditors to reduce interest rates, waive fees, or set up a repayment plan that works for the consumer.
Providing financial education: Credit counselors will provide education on financial management, budgeting, and debt repayment to help consumers develop good financial habits.
Overall, credit counselors help consumers manage their debt and take control of their financial situation, ultimately helping them achieve their financial goals.