BALANCE Financial Fitness Program

Would you like to reach your financial goals?

Enjoy this benefit for Honda FCU Members - Reach Your Financial Goals with education provided through Honda FCU's partner, BALANCE Financial Fitness. BALANCE is a financial education and counseling service that can help you in many ways, such as to reduce your debt, save for higher education, buy your first home, or plan for retirement. You have access to free, unbiased money management information and assistance.

Some of the services provided by BALANCE include:

Money Management Counseling
BALANCE offers counseling appointments throughout the day and evening, weekdays and weekends. Their multilingual counselors discuss money management and credit issues such as goal setting, budgeting, savings plans, credit reports, debt repayment and bankruptcy prevention, as well as housing issues like buying a first home or avoiding foreclosure. Each 60-minute session is action-oriented and there is no limit to the number of sessions members may have. Because members may have needs beyond the scope of BALANCE services, they’ve developed a national database of social service referral sources to supplement the program.

In addition, BALANCE offers an online checking account management education program at http://www.getinbalance.org. This is an opportunity for members to learn to effectively manage a checking account. This self-guided program can be used for opening first accounts, as fresh start for second chance programs, or as an additional educational tool.

Debt Management Plan
A member may choose to participate in a Debt Management Plan if he is having trouble making ends meet, is receiving collection calls or letters, or is not able to make progress in repaying debt. Through this plan, BALANCE consolidates bill payments and negotiates with creditors to lower payments and, in some cases, reduce or eliminate interest and fees. The plan enables consumers to repay their unsecured debt in an average of three to five years.

Bankruptcy Prevention
BALANCE has bankruptcy prevention specialists on their counseling team. If a counselor identifies a member as being high-risk for bankruptcy filing, a specialist from the Bankruptcy Prevention Unit will follow up with the member. If the member is in short-term financial distress, BALANCE may contact his creditors to set up a temporarily reduced payment plan. Other members are referred to the BALANCE Prevention Unit to learn about the consequences of filing bankruptcy, and to search for any possible available options. Often when members understand the consequences of filing, other options seem far more appealing.

Credit Report Review
In a credit report review counseling session, BALANCE reviews the content of the member's credit report and provides education about credit scoring, maintaining or improving the report, correcting inaccuracies, and identy theft. Afterward, the member will receive a plan of action for improving his credit standing and supplementary educational materials.

Members that can especially benefit from this service include:

Housing Education Program
As a HUD-approved housing counseling agency, BALANCE offers comprehensive pre-purchase education for members striving to buy their first home. For those struggling with mortgage payments, BALANCE provides early delinquency intervention counseling to help avoid foreclosure. BALANCE counselors work closely with you to determine the best options available for dealing with missed mortgage payments.

Educational Resources
BALANCE publications library is regularly updated and made available to members at their website, in English and in Spanish, or in hard copy. A full suite of financial calculators are also available at http://www.balancepro.net.

In addition, BALANCE offers an online personal finance education center through BalanceTrack. BalanceTrack consists of ten self-guided modules designed to help you develop a thorough understanding of all essential elements of personal finance. Topics include: Money Management, The World of Credit Reports, Credit Matters, The Road to Homeownership, Drive Away Happy, Identity Theft, High Cost Financial Services, Checking Account Management, the Basics of Investing, and Financial Planning. You can reach these modules at http://www.balancetrack.org/partners/hondafcu/.