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Consumer
Credit Counseling Services: What You Should Know
You have some problems with your credit, yet
are not quite ready for the next step. So you decide that you
just want to talk with someone about your problems. Someone
who can give you some advice on the direction and the next
step you should take to resolve your credit problems. Someone
who can just show you all your options in solving your debt
problems. You may have heard of consumer credit counseling
services, are they good option or not? What exactly should
you know about them anyways?
First
things first, you should realize that not all consumer
credit counseling services that are out there are the same. All of them approach the job from a different perspective.
You must also do your own research in finding the correct one
for your needs. Some of the ones that call themselves non-profit,
for instance, are really not. There have been instances of
ones that are so-called non-profit will take the first payment
you make and pocket it for the company. They do this and call
it a charitable contribution, without you being aware of it
until it has already happened. This in the end can cost you
more money in the end, and depending on how much the payment,
the more they are, the more you could stand to lose. So be
careful. The main thing to remember when finding a consumer
credit counseling service is to do your research, thoroughly
and carefully, with both eyes wide open.
Of course, one of the main things that consumer credit counseling
services do is offer general advice on money management and
budgeting to prevent more debt and to perhaps solve your debt
on your own. Yet, if you are far enough in debt, they also
offer you some options to help you out of it. This is usually
in situations when your credit is so bad, that it may not be
possible for you to get out of it on your own. In these situations,
they may offer to negotiate with your creditors for you. They
can try to lower your interest rate, extend the length of your
loan or maybe even get rid of your late fees. The consumer
credit counseling service can try to negotiate the terms of
these with your creditors for you. Also, the consumer credit
counseling service can offer to set up a payment management
schedule or program. This is usually in situations, where the
debt is overwhelming and bad enough to warrant such action.
This payment plan usually is set up where you pay the money
to the consumer credit counseling service and they pay the
creditor for you. They basically become an arbitrator for you
and sometimes this is what it takes.
One of the first things you should do in choosing a consumer
credit counseling service is finding out which local ones is
part of the National Foundation for Credit Counseling
(NFCC) or the Association
of Independent Consumer Credit Counseling Agencies (AICCA). Choosing from these will liken your chances
that you will find one that is reputable. This is because both
of these associations put their members through a thorough
interview prior to entry by an independent third party that
carefully examines their practices and how well they work.
Once you narrow it down from among these organizations then
check with your states Attorney General or Better Business
Bureau or even with the local consumer protection agency, doubling
insuring the likelihood that you will find a reputable company.
You must also remember to ask the companies you are considering
some key questions such as, what practices they offer, any
fees they charge, how often they are audited, are they accredited,
and if they practice overseas, among any others you may have.
Most reputable company will have no problem whatsoever answering
any questions you may have, and will be more than happy to
be honest and open with you about their company and their services.
Basically, once you have done your research, it is up to you
whether you use the company or not. There really isn't anything
they do, that you couldn't do yourself. The bottom line is
that it comes down to whether or not you are disciplined enough
to carry out a debt repayment plan on your own. Either way,
remember not to agree to pay higher monthly payments than you
can realistically afford. So, in the end, it is up to you and
your level of discipline whether or not you go with a consumer
credit counseling service or not.
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by SolveYourProblem.com
: 2007
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