Getting Good Consolidated Credit Counseling

2007-03-08 10:33:40

( Financial )



To get your debt under control, you need to find good consolidated credit counseling services. Whether you want to consolidate private loans or consolidate college loans, it is essential that you find the best help that you can.

It is not hard to find consolidated credit counseling on the internet. Many companies now offer this service; it is unlikely that you will be unable to find one willing to help you.

Credit counseling organizations usually provide for you a good amount of financial education. By offering you advice and a little bit of personal assistance, they can help your manage their debt and get your credit report under control.

A good consolidated credit counseling program will help you accomplish a few major goals. First, it will help you reduce your interest rates significantly. Second, it will help you get your credit company to waive late fees and penalty payments. Third, it should enable you to send just one monthly payment, preferably an amount that you can afford. Fourth, it should help you get out of debt faster; and lastly, it should help you fix your credit report.

The key is to find a good credit consulting agency. Once you have given them the information that they need, they should be able to craft a debt management plan for you. They will then provide you with a budget that you will need to follow, given your specific income. The total amount of debt you owe will be computed, and you will be presented with a figure that you will have pay out monthly to better reduce your debt.

The consulting agency will also negotiate on your behalf with the creditors, and hopefully they will be able to procure lower interest rates for you, as well as get rid of late fees and penalty payments.

Most consolidated credit counseling agencies charge a fee, so be sure to take this into consideration before you begin. A final word of caution: do not completely surrender your financial decisions to your credit counseling agency. You still have to keep track of your money yourself. You should go through the monthly statements regularly. Unless you do, you will probably never learn how to make sound financial decisions.


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