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Credit Counseling

Credit Counseling

Living paycheck-to-paycheck is becoming an all-too-common phenomenon among Americans. If you are one of these many individuals who gets paid one day and is broke the next due to high amounts of bills, then you just may have come to the right place for help. You've heard of most of the common debt relief options, like bankruptcy and debt settlement. But what about credit counseling? Credit counseling works by consolidating your bills with the help of a credit counselor who will determine a monthly payment plan that will satisfy a minimum amount of the debt. Additionally, your credit counselor will work with the credit agencies to lower your interest rate to under 10%. Depending on your debt amount, the credit counseling program should last about 5 years. After that time, you will have the peace of mind of being debt free without having to resort to any negative measures like bankruptcy.

Choosing a Credit Counselor

We know what you're thinking: this program sounds good, but how do I know if I can trust my credit counselor? Well, let us give you some tips. The most reputable credit counselors work for a non-profit organization. To ensure credibility, it would be ideal to find a local organization that offers in-person counseling. Some of the many non-profit organizations that offer credit counseling are: universities, credit unions, military bases, housing authorities, and so on. Keep in mind, however, that even though these organizations are "non-profit," they oftentimes do charge a fee for their services. Some credit counseling organizations will simply sit down for you and help you sort out your financial situation by developing a budget and offering free educational material and workshops. If your debt is not terribly out of control, then these credit counseling sessions may be just what you are looking for. Others, however, may require more help. Most credit counseling services offer a debt management plan. In this, you will deposit money to your credit counselor every month and they will use it to pay off your debts. Whether you are simply looking for some debt advice, or looking for someone to take control of your debt situation, it is important to find a reputable credit counselor. For help in finding the right one for you, get in touch with our helpful debt staff.

Is Credit Counseling Right for you?

So credit counseling seems pretty good to you so far, but you are asking the common question: is credit counseling right for me? If you are experiencing a financial hardship and are considering filing for bankruptcy, then stop right where you are, find a credit counseling service near you, and set up an appointment. We are not guaranteeing that the program is right for you, but it is always beneficial to try all options before settling for the dreaded bankruptcy. Like nearly all debt relief options, there are some downsides to credit counseling. For one, most credit counselors will report directly to the credit bureaus. In turn, your credit report will be "flagged" until the completion of your program, so qualifying for loans or any type of credit will be made nearly impossible during the program. After the completion of your program, however, your credit will be restored. Many people believe, however, that the pros of credit counseling outweigh the cons. This is because a consumer credit counselor will typically save you money in comparison to the other debt relief options, and you will be debt free in less time. All things considered, credit counseling is a beneficial program for those who qualify. For guidance on how to get in touch with a credit counseling agency, fill out our free consultation form to the right.