Participants who take debtor education courses learn how to create financial goals, find ways to save and learn to monitor and control debt. Anyone filing for bankruptcy is required by law to participate in a two-hour educational course before the bankruptcy is discharged, states Iowa State University.Continue Reading
Only credit counseling organizations approved by the United States Trustee Program are legally allowed to issue debtor education certificates, notes the United States Courts. Debtor education courses aim at imparting important financial skills to people with excessive debt.
One objective of debtor education courses is to raise the awareness of individuals regarding their personal spending habits. This awareness makes it possible for the individual to take control of spending and make better choices for the future. The course may give a few alternatives on spending including how to purchase products or services at lower costs in order to save some cash.
Individuals taking this course learn that having well-defined goals is key to achieving long-term financial stability. Starting a business venture, purchasing a house or saving a specific amount of money within a given timeline are a few examples of long-term goals. Individuals are encouraged to avoid taking loans unless it is absolutely necessary.Learn more about Debt Law