Consumer Credit Counseling

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Consumer credit counseling is for consumers who have debt problems and are simply not able to get themselves out of debt. This personal debt or credit card debt takes a toll on their financial and family lives making them think about their debt every single day of their lives. Credit counselors are smart people who work in your favor to reduce your interest rates on personal loans and credit card debt. They have the financial muscle to call up your creditors and discuss your debt problems and find remedial solutions for your debt. There are some non-profit credit counseling services that can be of help. However, you will need to do adequate research before selecting the right credit counseling agency.



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Consumer Credit Counseling
What Is Consumer Credit Counseling?
Consumer Credit Counseling is a program that has been around for nearly 60 years and helps educate people how to pay debts and better manage their money in the future. This program can provide a great deal of insight and aid in helping to resolve credit problems and lower interest rates.

What Are The Advantages and Disadvantages Of Using Consumer Credit Counseling?
Consumer Credit Counseling can be a great advantage for a consumer by negotiating with creditors to lower payments and interest rates. Credit counselors usually help a consumer learn about how to manage money and avoid future debt.

The disadvantage is that a consumer may have their credit damaged and be in an even worse financial position if obligations are not strictly paid. Credit counselors are usually more persuasive with credit card companies than consumers, but counselors do not perform any services that are impossible for the consumer. Negotiating with credit card companies directly to lower payments and interest rates is very possible.

How Much Does Consumer Credit Counseling Cost?
Most if not all credit counseling service claim to be non-profit but take this with a grain of salt. Credit counseling services will not charge for direct service fees but instead label them under a different name, which can include:

monthly maintenance fees
monthly donations
voluntary contributions
set-up fees
operating charges
Some of these fees may be legitimate but it is important to always ask how much of the monthly fee goes to the credit counseling company and how much will be going to creditors to pay off debts. If the answer is not direct or does not make sense or seems unfair, shop for a better company.

What Should I Expect From a Meeting With a Credit Counselor?
To be provided with the best solution possible, bring all documents showing income and debt. The credit counselor will examine all of the documents and decide which plan may be best suited for the consumer. Before signing any documents or agreeing to join a debt management plan, be sure to ask if they can simply create a budget plan that makes sense. It is not unusual that a better budget be the only solution that is necessary.

Is Credit Counseling Confidential?
Yes, credit counselors maintain records like any other financial institution such as banks and keep all records confidential. Credit counselors are not allowed to discuss anybody's financial situation and records will be secure.

Do I Need an Attorney To Assist Me?
An attorney with experience dealing with credit issues will be able to advise you about your debt and inform you about all possible solutions. If you have any problems with a credit counseling service, an attorney will also be able to help you.

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Credit Counselor - Your way to get out of debt

Some credit counselors can be quite helpful for consumers looking for a way to pay off all of their debt. However, there are other credit counselors who are not the charitable organization that they seem, and may even leave their customers in a worse position than they were in before they came for help.

The first thing to be aware of is that there are many ways to help decrease and pay off debt that involve only you. Whether it is something as simple as cutting up your credit cards or taking out a low interest loan to pay off your high interest debt, these are all options that you can do on your own.

However, if you feel that you are in over your head and need the help of a credit counselor, be sure to look out for the red flags when looking around.

What Should I Look Out for when I Am Researching a Potential Credit Counselor?

If you should see the following elements in a potential credit counselor, you may want to keep looking or find another way to strategize payment of debt:

Television or radio ads - this is not to say that all credit counselors that advertise on these mediums are low quality, but the point is that you should not base you decision on an ad you have just seen on television. Instead, after you see the ad, do some research into the company, including if they are currently being sued by any of their previous customers.

Fees - look at how much the fees are and what kind of fees they are. If the setup fee and the monthly fees are more than you think you can handle, keep looking. Also, some debt counselors will offer what they call "voluntary fees, meaning you supposedly do not have to pay them. However, some counselors will be very aggressive in trying to get you to pay those fees, so be sure to ascertain ahead of time what fees you definitely have to pay and what fees are purely voluntary.

Sales tactics - it you are talking to a salesperson, either on the phone or in person, keep in mind that ideally they should be discussing whether a debt management plan is appropriate for you and if so, what kind is appropriate. If the salesperson automatically assumes whatever plan they have laid out in front of them is right for you, you should consider going elsewhere. Plus, make sure the salesperson spends adequate time developing a plan; this should take around half an hour to over an hour.

What Should I Do if I Feel I Have Been Cheated of My Money Because of False Advertising by the Credit Counselor?
You may want to contact an attorney who has experience in consumer credit. Your attorney will be able to advise you of your rights and let you know what your credit counselor should have disclosed to you from the beginning. Your attorney will also be able to let you know if you may be entitled to compensation in a lawsuit against the credit counselor.




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Consumer Credit Counseling
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