Debt Counselor: Personalized Help

2007-03-08 10:33:40

( Financial )



DEBT INTERVENTION

There are households are so deep in debt that some form of external intervention is needed to help in their financial problems. This external help may come in the form of a debt counselor providing credit counseling services.

Debt counseling services are debt management programs extended by some companies in the hopes of being able to help you get back on track and regain control of your finances. Once you avail of their credit counseling services, a debt counselor will be assigned to you to provide constant guidance and follow-through.

The first thing that your debt counselor will do is make an assessment of your overall financial situation. Your debt counselor will do this by making an inventory of your assets and debts and compare them. By doing so, the debt counselor will be able to make a realistic evaluation of your financial state of affairs. From this information, your debt counselor will then recommend the best and most appropriate plan of action.

DEBT MEDIATOR

Your debt counselor will then talk with companies providing debt management programs like consolidation and refinancing services, as well as with your existing lenders and try to negotiate a deal. As part of his duties as debt counselor, he will then serve as a go-between and monitor your dues, if they are being paid on time as agreed upon.

Some debt counseling services offer automatic debit as part of their program. This means that your monthly payments will be withdrawn from your bank account without any prompting on your part. This happens automatically, unless you serve prior notice and arrange for other means of payment. This is good if your regular income is big enough to cover your bills. This way you do not have to constantly monitor your payments.

Of course your debt counselor can only guide your steps. Whether you are willing to take them is entirely up to you.


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