CREDIT COUNSELING SERVICES - OFFERS YOU HAVE TO THINK ABOUT

2007-03-08 10:33:40

( Financial )



Our society is in perennial crisis. We always try to budget our income so that we can pay our bills and maybe even splurge from time to time. But then, we do experience money problems and often incur debt in the process. This is probably the reason why credit counseling services came into being.

Think guidance counselor: the person is there when you need someone to lend you an ear and give you advice and boost your morale. The same is true for a debt counselor. If you need help during times of financial crisis, their services are there for you. Nevertheless, you should know if this would indeed benefit you or will it just make you more indebted. A highly regarded debt counseling service could actually save you.

Basically, here is how it works:
1) Your credit counseling service goes between you and your creditor. You will provide your counselor with your financial data, such as your income, expenses and debt.
2) You and your counselor will then work out a budget where in you can slowly pay your arrears, usually on a monthly basis.
3) Your counselor will negotiate with your creditors for them to agree on a payment plan you can afford.

Most credit card counseling services oblige you to attend educational classes that could help you manage your money and thus free you from debt.

On the other hand, credit counseling services are now showgrounds for swindlers. The best way to go is, choosing a loan counseling service that will not oblige you to pay without them rendering any service for you. You should be given a contract which stipulates the exact services they are going to provide, what results you should expect and how much it would cost you.

Get all the help you can from friends, family and colleagues, they can probably recommend the best bet for you.

Surely, credit counseling services are there to help you, but you must be keen and aware before availing the service.


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