Financial Coaching for Debt Ridden Individuals

Dino KF Wong
Mind Fighters

--

Photo by Mikael Blomkvist via Pexel

Financial coaching can be very helpful for individuals who are struggling with debt. Here are some steps a financial coach may take to help someone in this situation:

Assess the current financial situation: The financial coach will start by looking at the individual’s income, expenses, and debts to get a clear picture of their current financial situation. This will help them understand where the individual is starting from and what steps can be taken to improve their financial situation.

Create a budget: Once the financial coach has a clear understanding of the individual’s income and expenses, they can help create a budget that takes into account their debt repayment goals. The coach will work with the individual to create a realistic budget that allows them to pay off debt while still meeting their basic needs.

Develop a debt repayment plan: With a budget in place, the financial coach will work with the individual to develop a debt repayment plan. This may involve prioritizing certain debts, negotiating with creditors, or exploring debt consolidation options.

Provide education and support: Along the way, the financial coach will provide education and support to the individual. This may include teaching them about personal finance topics like credit scores, interest rates, and budgeting…

--

--

Dino KF Wong
Mind Fighters

Financial Counselling & Coaching at Credit Counselling Singapore. Believes in positive psychodynamic approaches in life. Visit my website: www.dinokfwong.sg