Finding Debt and Credit Assistance

2007-03-08 10:33:40

( Financial )



Working on your debt and credit problems at some point, will require you to look for help. Debt and credit help comes in many kinds– ranging from free or low cost services to expensive and fraudulent scams. Sound judgment and a discerning eye are crucial to find the help that you need.

Evaluating Your Situation

To find the most relevant credit help to your situation, you need to have a solid idea of where you are from a financial standpoint. Conducting an honest evaluation of your situation is a key first step. Doing this will speed up your search for debt and credit help that best suits your condition.

Consumer Credit Counseling

Consumer credit counseling services can provide you with valuable assistance in your pursuit of financial stability. Most reputable counseling services charge very low fees. This is because they get their funding not from you but from voluntary contributions of your creditors. A first-rate counseling agency should have a wide-ranging selection of services on offer. Besides helping you in forming a more rational budget, they will also offer you personalized debt repayment plans, training on financial management and advice on mortgage and debt consolidation. The quality of counseling differs vastly from agency to agency. Pick a service that has proven track record and reliable customer support.


Debt Negotiation Services

Another alternative is debt negotiation. You can do this by yourself or through debt negotiation agencies. But you need to be cautious in selecting the company you want to work with, since many illegitimate companies are mushrooming all over. Debt negotiation agencies claim that they can renegotiate your unsecured and high interest debt so you’ll end up paying only 10 to 50 percent of the balance due. They would also assert that their services are a better alternative to bankruptcy. Although potentially beneficial, they are not without risks. Consider all the advantages and drawbacks before signing up with one.

Find Help Online

If what you need are simple financial recommendations and basic financial advice, then you might as well find that in the vast information universe that is the internet. Get tons of info about budgeting, loan consolidation and other helpful resources from countless websites and online forums. Just remember to be on your guard against self-serving advice given out by deceitful firms. Depend on independent and free information from third-party and government sources.

Some Precautions To Take

In this global environment, scams have become more prevalent and harder to distinguish. Be a wise consumer. Be wary of promises that sound too good to be true. Avoid signing documents or contracts that you do not entirely comprehend. Lastly, get in touch with relevant government offices if you have any concerns or complaints.


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