A personal finance coach will come along side you to teach you and guide you in your personal finances. Many people know that you should spend less money than you make, but it's obviously not that simple. Knowing what to do is just a start, you must also actually do what you are supposed to do in order to be financially successful.
A personal finance coach will educate you and then allow you to make your own choices. You are the one who will have to keep living with yourself, so you have to learn to make the right choices. The coach will show you a path (or several paths) and you will do the work.
What is the difference between a Personal Finance Coach and Debt Management or Debt Settlement companies?
There is an important distinction between coaches and debt management or settlement companies, or even bankruptcy. Personal Finance Coaches teach you how to manage your money. Many debt service companies try to make things easy for you by doing the work for you. That may sound nice, but it's like having your mommy come behind you to clean up your mess! You aren't going to learn how to manage your money any better if someone else is always cleaning up for you. Debt management companies have you send them one payment and then they parcel out the payments to all your creditors, usually for a fee. Debt settlement companies will call your creditors on your behalf and try to negotiate a settlement with them for less than what you actually owe them. The problem is, creditors will not usually settle with anyone until they think it's unlikely they will get any money otherwise. Some debt settlement companies have you pay them but hold your payment to your creditors, thereby making your account(s) delinquent, and then try to settle. Oh, and by the way, you are also paying the settlement company a lot of money to make late payments and then HOPE to get a settlement.
Here's the thing...you don't need to pay someone else to do this for you. You can pay your own creditors. On time. AND you can call them to negotiate your own settlement if you are behind, or even negotiate interest rates. A financial coach guide you in this.