Credit counseling service for credit card and unsecured debt.
Credit counseling and debt settlement services for credit card debt and other unsecured bills.
Can't pay the minimums on your credit cards?
Consistently late paying one or more of your regular bills?
Being hounded by creditors and collection agencies?
Can't reach reasonable repayment plans with creditors?
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Don't know if credit counseling or debt
settlement is the best option?
Credit counseling vs debt settlement benefits
Both programs offer consumers a way to repay their unsecured debt. To decide which program is best for you, apply for both and review each one's plan specifically designed for your unique circumstances. Read below to review the differences between debt settlement and credit counseling:
About debt settlement:
Debt settlement may impact your credit; however, if your credit is already bad and if you don't think you'll be able to endure the longer debt repayment plan of credit counseling, then debt settlement may be best for you.
About credit counseling:
With credit counseling, you have the opportunity to improve credit if you can stick with the program. Debt counseling typically takes longer to repay debt or has a much higher monthly repayment plan.
Questions to ask a credit counselor:
Is your organization nonprofit? Nonprofit agencies, by the nature of their financial status, are in business to help the public. You want to work with an agency that has demonstrated a concern with serving the public, not itself.
How are you funded? Organizations should be willing to disclose this information and all other information about their operations. Nonprofit credit counseling agencies are normally funded in-part by creditors. The agency receives a fair-share contribution from some of your creditors because by working with you the organization is helping the creditor get the money it is owed. It should work with all your creditors, regardless of whether they receive fair share or not.
Are your counselors certified? Independent certification is a sign that the organization is committed to adhering to quality standards set for the credit counseling profession.
How are funds dispersed to creditors? It is important to make sure that your payments will be disbursed to your creditors in a timely fashion.
What fees will I be charged? Do not work with an agency that charges a large upfront fee. Some will promise to allow you to earn back the fee over a certain time, but conditions and timing may make an earn-back unlikely.
Do you offer counseling in person over the Web and by phone? The option of meeting with a counselor the way you want should be available to you if you would prefer that option.
How long will counseling take? Anything less than 30 to 45 minutes will deal only with surface issues and help the agency sign you up more than it will help you set new goals, understand how you got into debt in the first place and how to stay out of it in the future.
What lifestyle changes will I need to make to be successful? To be successful in getting out of debt, you probably have to make changes in your spending habits. The organization you work with should have educational opportunities for you to learn how to budget, set financial goals and begin a savings program.
Contact your local Better Business Bureau or the Consumer Federation of America to see if the organization has any consumer complaints.
Get your finances under control without credit counseling:
Look through your checkbook, statements, and receipts. Start gathering information on where, and how much money you spend in various categories on a weekly or monthly basis.
Just knowing where your money goes is a terrific education in and of itself. You will be amazed, and learn things about yourself you didn't realize. And right away, you'll get some great ideas on how to curb spending. This is the first step towards do-it-yourself credit counseling.
Preview Debt Relief Offers and Apply Online
Get more information about debt, and read our articles related to credit counseling.
Credit
Counseling Tips
Credit counseling
professionals can help you manage debts and teach you how to use credit wisely.
A counselor will ask you questions about your income and expenses and then they will
give you options or recommendations for your financial problems. They will help you create a budget, manage your money, and work out a payment
plan with your creditors. When you have not been able to fix your debt problems
yourself, a professional can be very valuable.
Choosing a credit counseling or debt agency is very important. The best way is to choose an agency that has a good reputation and some happy clients. They
should be able to offer you personalized services for your financial needs. Review several agencies and ask friends if they know of any they would
recommend. Look online and in the phone book for agencies. You can contact the National Foundation for Credit Counseling (http://www.nfcc.org) or the
Association of Independent Consumer Credit Counseling Agencies (http://www.aiccca.org) for a list of members.
Check to see if the agency is licensed and accredited. Many states require credit counseling organizations to register or get a license before offering credit
counseling or debt management plans. If an agency has not followed the requirements for your state, don't use them. Check to see if the agency
belongs to the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies as they must adhere to strict
standards and use certified credit counselors. Be sure to ask if counselors are
certified and by whom.
Services should be personalized to fit your personal financial
needs and you should not get a debt plan that all clients use. A plan should be created to fit your circumstances along with how you can avoid future
financial problems. Your privacy and security is important and you will need assurance your information will be kept confidential. Review their
privacy policy and how they protect your information. Make sure you know exactly what services they offer.
Contact your Better Business Bureau, check for complaint records, and the local consumer protection agency to find out
information about the agency. Complaints can be a sign of problems. Get everything in writing with a formal written agreement or contract. Read the terms of
the agreement or contract. It should describe the services, the payment terms, the total cost, the length of time involved for the services, and the counselor's name, business name, address and contact
information.
Make sure you understand the fees you will be charged. Check to see if there are set-up fees, monthly fees, or any other fees. Monthly fees should be added
to your debt information and the fees should not hinder your effort to pay off
your debts. If fees are too high, consider other agencies or ask for a reduction in
fees. Find out if your creditors are paid 100% of the money you pay through the credit counseling agency.
When debts are out of control and getting out of debt has not been possible,
professional services can help.
Compare credit counseling vs debt settlement to help you decide which one offers the best benefits for the short term as well as long term. Whether you choose a credit counseling agency or a debt settlement company, both programs only assist with unsecured debt. Learn the types of unsecured debt and who qualifies for a debt consolidation loan.
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Establish or rebuild bad credit:
Although credit options are limited and more restrictive, there are still ways to establish and rebuild bad credit, including:
