Beware Of Bogus Credit Consumer Counseling Companies

2008-09-26 11:31:23

( Financial )



If you are suffering from serious consumer debt problems, then you may have to go for a credit consumer counseling as required by the bankruptcy law. Choosing which credit consumer counseling, however, may not be that easy. During the past years, a number of mismanaged credit consumer counseling companies have been found to exist. You would not want to be counted as one of the victims of these bogus credit consumer counseling companies.

To find a genuine credit consumer counseling agency, you can start from the list of government-approved agencies. You can check it from the government's website which provides the list of approved credit consumer counseling agencies, so you can fulfill the requirement of the bankruptcy law. This is required even if you do not intend to file for bankruptcy.

When dealing with representatives from credit consumer counseling companies, it is wise to ask them about the kind of services they offer, the amount that you will have to pay for the services, and the qualifications of these counselors. To identify a reliable credit consumer counseling agency, the one which focuses to provide you with workshops and more information on how to deal with your consumer debts rather than focusing on the amount that you should repay your lender each month, should be chosen.

Debt management programs, one of the services offered by the credit consumer counseling companies, may not necessarily be the answer to your financial woes. Although the agency might be able to negotiate a lower rate with your lenders, this type of program comes with hefty fees. It may result to hurting your credit history, which would only aggravate the situation. Before agreeing to any debt management program, do your own calculation yourself. It may be better for you to negotiate directly with the creditor yourself.


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