Table of Contents
GreenPath Financial Wellness is one of the state ’ south largest credit rede agencies, with branches in several states and services available nationally over the call and on-line. The agency may be a effective paroxysm if you :
- Are looking for a debt management design you can access on-line .
- Value a long-standing organization ; GreenPath has been around for 60 years .
- Need help immediately. GreenPath operates in all 50 states and offers in-person help oneself at offices in 21 states. ( in-person services are temporarily suspended due to COVID-19 ) .
GreenPath’s services and fees
Like most nonprofit credit rede agencies, GreenPath provides common services that vary in price and handiness. These services include : General budget and advice : You and a counselor comb through your finances and set personalize goals in a free initial session. Debt management plan, or DMP : A counselor creates a plan to consolidate your consumer debts and lower the interest pace, setting up one monthly payment to erase the debt over three to five years. Bankruptcy rede : GreenPath offers pre-file bankruptcy rede over the telephone ; this is the first of two court-mandated rede sessions. GreenPath does not presently offer pre-discharge bankruptcy rede. scholar loans : A counselor outlines your repayment options and develops a custom-make plan. If you opt for the enhance tier of support, GreenPath may assist you with documentation and contact the loanword issuer on your behalf, for an extra fee. Housing guidance : GreenPath offers help for prospective home buyers, people struggling to afford their mortgage or rent, and homeowners considering reverse mortgages. Counseling services available at GreenPath :
| GreenPath Service | tip |
|---|---|
| General budget and advice | absolve . |
| Debt management plan | average startup tip : $ 35. average monthly tip : $ 29. Fees vary based on your state of residence and specific debt amount, with a maximum startup tip of $ 50 and a monthly tip of up to $ 75 . |
| Bankruptcy rede | Pre-filing : $ 50. You may qualify for a lower fee based on your income . |
| student loans | rid for Tier 1 or $ 200 for enhanced Tier 2 documentation . |
| Housing guidance | $ 0 to $ 199, depending on the service . |
How GreenPath compares
Most credit guidance agencies offer the lapp basic services. How they differ broadly comes down to where they operate, how they ’ rhenium accredited and what they charge. hera ’ s how GreenPath stacks up : accreditation : GreenPath is a member of the National Foundation for Credit Counseling and is accredited by the Council on Accreditation, an outside body that ensures standards of practice among counselors and oversight for agencies.
on-line digest : GreenPath offers an on-line client portal site, a flying fiscal health appraisal and other educational resources and tools on its web site. completion rate of debt management plans : GreenPath says that about 50 % of its DMP clients complete the program after enrolling. handiness : Service is available in all 50 states.
GreenPath’s debt management plan
A debt management plan is a debt relief option that helps people get a wield on consumer debt, primarily recognition card bills. Debts are rolled into a single monthly payment with a reduce sake rate. Interest pace cuts are standardized across credit rating rede agencies based on your creditors ‘ guidelines and your budget. In render, you agree to a requital design that fits your budget, normally for three to five years. You likely won ’ thymine be able to use credit cards or open newfangled lines of citation for the duration of the DMP. There ’ sulfur little room for lost payments once you ’ re enrolled in a design ; if you miss a payment, your creditors may drop accounts from the platform, ending the lower interest rate and leaving you to deal with debt on your own. A debt management plan can save you clock time and money over paying off the debt on your own. here ’ s an exercise based on the average GreenPath customer with credit card debt :
| Debt management design | DIY debt paydown |
|---|---|
| $ 16,885 debt . | $ 16,885 debt . |
| 8 % matter to rate . | 21 % interest rate . |
| $ 511 monthly ( $ 482 to debt, $ 29 to program tip ) . | $ 511 monthly . |
| 41 months . | 50 months . |
| interest : $ 2,409 ; Fees : $ 1224. * | interest : $ 8,546 . |
| *Figured at the average monthly tip of $ 29. Includes startup fee of $ 35 . | |
note : In a debt management plan, person creditors offer the lapp adjusted APR for all credit counseling agencies. The remainder in average APR among credit guidance agencies is a mirror image of their clients ’ creditors and does not indicate one agency will offer lower adjusted APRs than another.
When to consider a DMP:
- If you ‘re struggling to make monthly payments on your consumer debt .
- If your consumer debt is between 15 % and 50 % of your annual income .
- If you don ’ deoxythymidine monophosphate qualify for a debt consolidation lend .
Before signing on to a DMP, know that other debt relief options might be better for your fiscal situation.
Read more: Xplay, Barrie
Use this calculator to explore your debt relief options
