Core Financial Literacy Concepts for Adults in 2026

RBFCU has partnered with GreenPath Financial Wellness to offer financial therapy, education, and financial obligation management services. A GreenPath counselor will discuss those expenses to you if you choose to use those services beyond your preliminary credit therapy session.

GreenPath does ask you for approval to share details with RBFCU. If you say "no," your name is kept confidential. If you start a debt management program, GreenPath will get your approval before it proposes payment plans to your lenders.

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Individual debt is a common and complex concern for numerous older grownups who are nearing retirement age. Low incomecombined with aspects like inflation and increasing health care costsleaves some senior citizens with no choice but to turn to charge card to fill out the monetary spaces. Luckily, aid is readily available. Dealing with an experienced monetary therapist can allow you to get a clear photo of your obligationsand develop a useful strategy to leave debt.

When to Seek Professional Credit Experts Today

More older grownups are bring debt into retirement today than ever before. Nearly 65% of Americans age 65 to 74 had debt in 2022, compared to about half of elders age 75 and older. For contrast: In 1989, less than half of the population age 65 to 74and only 21% of older adults age 75+had financial obligation.

These services are generally provided by a not-for-profit company and are totally free of charge. Your financial counselor, who is usually a certified monetary coordinator, will take a look at your properties and liabilities and consider your income, savings, credit, and debt. Then, they will produce a spending plan and action strategy along with a debt management strategy, if it relates to your needsall created to assist you attain your objectives within a certain timeframe.

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A debt management strategy is a 3- to five-year payment program that permits you to condense several of your charge card balances into a single monthly payment. The goal of this plan is to assist you meet your financial responsibilities by entirely paying off your impressive credit card debt. Financial obligation management strategies often make it possible for considerably lower interest and financial institution fees.

Your credit scores will typically enhance as your debts are paid on time each month. When you're searching for a financial therapist, it's crucial to be selective.

If there are any expenses included, request for this information in advance. You can browse for qualified credit and financial counselors online using the National Structure for Credit Counseling (NFCC) and Monetary Counseling Association of America (FCAA) websites. Recommendations from close friends and household can be another great method to find a therapist you can trust.