Credit Counselling: Getting Out Of The Credit Trap

2007-03-08 10:33:40

( Financial )



If you have to stretch your income every month to pay an endless pile of bills, you seriously need credit counselling.

With the advent of credit cards, more and more people are digging a deep hole for themselves.

The availability of instant credit from Citi Bank, Chase Bank, or any other bank, for that matter, has given us new ways to increase our monthly expenditure.

Before we know it, our credit cards are maxed out, our bills are massive, and our savings accounts have been drained.

It’s a typical scenario these days. Very few individuals actually have complete control of their credit. More often, it is our credit that controls us, not the other way around.

Getting Credit Counselling

There are several professionals who offer credit counselling for a reasonable fee. Before hiring a professional, however, you should do a background check and verify his/her credentials. Be sure that you’re working with a trustworthy and reliable individual.

A good credit counselling program is one geared at giving you financial freedom. Look for a professionally trained counselor to:

- Assess and evaluate your financial situation
- Negotiate with your creditors for possible reduction in finance charges
- Assist in budget creation and budget management
- Consolidate and simplify your various financial commitments

Debt Management Websites

A quick way to gain access to reliable financial counselling is to sign up for a debt management website.

Debt management websites provide extensive credit analysis with monthly, quarterly, or annual credit reports.

Most online credit counselling services are not-for-profit organizations that aim to educate and assist individuals with credit problems.

Freecreditreport com, for instance, gives you access to a network of online consumer credit monitoring platforms. It’s a quick and easy tool to review your credit history and make sound decisions for the future.

The ability to read your credit scores and other credit-related information is an important first step in evaluating your credit activity.

By understanding how you’ve fared in the past, you may be able to spot and avoid little credit snags on the road to financial freedom.


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