The Consumer Credit Counselor: Providing Assistance in Consumer Credit Card Loans

2007-03-08 10:33:40

( Financial )



A consumer credit counselor can aid you with your credit card loans by negotiating for a lower interest rate on your credit card. They also help you in getting rid of late payment charges and over the limit penalties provided you have a good track record in paying for six consecutive months.

A consumer credit counselor can create a consumer debt consolidation program for you where by they combine all your debts together so that you only make one payment each month.

It is worthwhile to use a consumer credit counselor because they can negotiate for you a substantially lower interest rate for you. The advice you how to pay your consumer loan back in affordable ways by making smaller monthly payments.

There is one important factor you need to consider and that is using a consumer credit counselor will look bad on your credit report; however, once you make regular payments, you credit standing will also change for the better.

There are some things you should know when you use a consumer credit counselor:

You should pick a company that is a member of the Consumer Credit Services or equivalent association.

Some consumer credit counselors can offer you a consumer debt management program which can do the repayments for you each month. Be cautious though, some companies could miss your monthly payment in any given month. Remember that in order for a debt management program to work for you; there must be enough income to meet all your obligations including your credit card loan without missing a payment monthly.

Credit counselors should only charge you a minimal fee. You are being scammed if the company charges high fees up front.

You should provide all the details of all your debts including the following paperwork:

Original copies of all your credit card statements

Original signed agreements with your card company

Pay slips or income tax return

Any correspondence you’ve had with the card company

Details of monthly payments you make such as food, electricity, gas, phone, etc.

And finally, before you decide to avail of the services of consumer credit counselors, make sure that it offers the services that you need.


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