credit-counseling

Vocabulary Word

Definition

'Credit-counseling' is professional advice provided to individuals to manage their credit and better handle their debt. Services often include offering budgeting advice, debt management plans, and financial education.

Examples in Different Contexts

In financial education, 'credit-counseling' aims to educate consumers on how to manage their finances, use credit wisely, and understand credit reports. A financial educator might say, 'Through credit-counseling, we teach essential skills for maintaining good credit and financial health.'

Practice Scenarios

Academics

Scenario:

Many students seem to struggle with managing their student loans effectively. Do we have any resources or services that could support them in this area?

Response:

Our university offers a credit-counseling service that gives guidance on managing student loans effectively. We should promote this more actively.

Tech

Scenario:

There seems to be an emerging demand for applications that assist users with managing their personal finances. What are some innovative ways we can cater to this need?

Response:

Developing an in-app credit-counseling feature would be a unique solution, enabling users to manage their finances wisely.