Financial Counseling You Can Trust

BALANCE has been supporting the goals of credit unions and credit union members since 1995. As a NASA Federal Credit Union partner, BALANCE provides free, comprehensive financial education and counseling to individuals and families.

BALANCE is accredited by the Council on Accreditation of Services for Families and Children, Inc., a member in good standing of the National Foundation for Credit Counseling (NFCC), and ascribes to quality standards including counselor certification, quality assurance and annual independent audits.

BALANCE counseling is outcome-oriented—focusing on the options to help you reach your financial goals. While a debt repayment plan may be an option, it is only recommended when appropriate (about 20% of the time), and is only one of several available choices for getting out of debt. If you choose to participate in the BALANCE debt management plan, all services are provided at no charge.

Consumer Credit Counseling Service of San Francisco (CCCS-SF), a 501© 3 public benefit organization, administers the BALANCE debt management plan. CCCS-SF has been providing education and counseling services to communities as well as administering debt repayment plans for 35 years.

The Federal Trade Commission, the IRS and others are keeping a watchful eye on the credit counseling industry. Some credit counseling organizations—not BALANCE—have come under scrutiny because they do not provide real counseling. Instead, they promise “debt relief in 20 minutes or less.”

Frequently, these organizations keep the first month’s payment—that should be going to creditors—as their fee. Not only is this fee exorbitant to those already in need of assistance, it also causes individuals to be become more delinquent on all obligations. Many states have laws that regulate how much can be charged for debt management services, and these high fees violate those laws. These companies get around state laws by calling the fee a “contribution,” but not disclosing that this “contribution” is voluntary.

Many of the newer debt consolidation firms also sell individuals’ names to sub-prime lenders for the marketing of expensive loan products. Others provide debt settlement services that cause individuals to fall delinquent—often without their knowledge—in an effort to persuade creditors to accept a 50% settlement. Collection activity during this time frequently pushes individuals to bankruptcy.

Many debt consolidation firms engage in high-pressure sales tactics, cold calling with “pre-approved” offers, or daily e-mail span. Because their counselors are paid a commission for ever debt management plan started, as many as 90% of all callers are enrolled, whether it’s in their best interest or not. Frequently, these companies force individuals to buy other products—credit reports, credit monitoring services, books, education kits on money management—that may cost as much as $500.

BALANCE has been the trusted financial advisor to credit union members for nearly ten years. BALANCE does not charge members for any service (with the exception of an optional credit report provided at or below cost). BALANCE closely guards members’ privacy and will never sell or share your name or personal information with other sources.

If you have any questions, contact NASA Federal Credit Union at 301-249-1800 or
1-888-NASA-FCU (1-888-627-2328).