Classes on How to Get Out of Debt

Americans owe more than $800 billion in revolving debt such as credit cards or home- equity lines of credit, according to the Federal Reserve's January 7, 2011 Statistical Release. If what you owe is causing you concern, taking a class in managing and reducing your debt may help you regain your financial footing and take more control of your finances.

Benefits

Taking classes on how to get out of debt will equip you with the skills you need and specific strategies for paying off your obligations, understanding your spending patterns and learning long-term financial strategies. By sharing your knowledge and understanding of debt management with your family, you can set a good example for your children or even your parents.

Topics Covered

Look for a debt-management class that offers more than just debt-payment strategies. It is important to learn to analyze the reasons you have accumulated an excessive amount of debt to avoid falling back into the same situation. Attend a class that teaches you to examine your spending habits and how to develop a family budget. A good debt-management class will also cover how to reduce your monthly expenses, pay off your debts faster, give you the pros and cons of consolidation or home equity loans, and teach you strategies for increasing your income.

Types

You can find a debt-management class to suit your personality and needs. Classes offered by your local university's extension office may last for several sessions and cover a different set of topics each time. Check with community colleges, churches and community centers to see what kind of financial classes they may offer. A single class may be offered by a credit-counseling agency or a financial institution. Online debt-management classes enable you to read through the materials on your own schedule and may include an email contact form so you can ask specific questions. Well-known financial counselors often offer their debt-management classes for purchase in the form of a video or DVD.

Considerations

If you take a class through a debt-counseling agency, select one approved by the U.S. Department of Justice's Trustee Program. Research the cost and time commitment involved before signing up for a fee-based class. If you are taking an online class, find one that offers you the opportunity to be part of a support group and one-on-one counseling via email or phone support. Avoid classes that promise to reduce your debt only after you pay a fee.