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Although economists say economic recovery is on the horizon, many business owners and families are still feeling the effects of the nationwide credit crunch. With the unemployment rate still high, some people are finding themselves in the unenviable position of having too many bills and not enough money to pay them all.
Preston Cochrane and his team at the AAA Fair Credit Foundation are available to help anyone who finds themselves in this situation. The Salt Lake City-based AAA Fair Credit Foundation, a nonprofit organization, was founded in 1997 to promote economic self reliance and financial stability. Financial counselors within the organization individually meet with clients to find out their goals and problems and then identify the best resources to help resolve the problem.
AAA's services include free financial counseling and education, debt management relief programs, homeowner crisis counseling, credit report coaching and individual matched savings accounts. Debt management relief is a method used for paying personal unsecured debts when individuals are experiencing an immediate financial hardship and are unable to meet their current financial obligations. The benefits may include preventing creditors from taking legal action, lower fixed monthly payments and reduced interest charges.
Homeowner crisis counseling assists homeowners on the verge of foreclosure with current mortgage terms and counsels them on how to avoid similar situations in the future. It also helps potential homebuyers determine how much home they can realistically afford through discussions about loan options and payment plans.
Preston says free financial counseling, foreclosure prevention counseling and debt management relief have been the most in-demand services recently. The AAA Fair Credit Foundation is the only credit counseling agency in the country piloting an innovative new way to help consumers who are unable to quality for traditional debt management relief programs.
For Zions Bank, I'm Rob Brough. I'm speaking on business.
