debt counseling - unsecured debt management and settlement.

  debt counseling - unsecured debt management and settlement.


Can't get your bills and personal debt under control? Request professional debt counseling, debt management,  unsecured debt consolidation or negotiate debt settlement.

  

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Credit Counseling versus Debt Settlement


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:

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.

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.

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.


What is Credit Counseling:
(also called debt counseling or debt management): Your debt is combined into one lower monthly payment to make it easier for you to meet your financial obligations.
A process where a third party negotiates with creditors and establishes a payment plan on behalf of the debtor. The fact that a person is in credit counseling may be reported to the credit bureaus and listed on the credit report. Credit Counseling; however, is more preferred by creditors than debt settlement, and it can help improve or lessen the damage to your credit score.

You may have heard that debt counseling will trash your credit report or that it's worse than bankruptcy; however, this is not true. 

Debt counseling may have some effect on your credit, or it may have none at all. Some lenders may not want to do business with you after you've completed your plan, but others will.

Contrast that with a bankruptcy, which is viewed by almost all mainstream lenders as a huge negative on your credit report. These lenders, who prefer to deal with consumers with good credit, typically won't do business with you for the 10 years the bankruptcy remains on your file.

What happens to your credit during debt counseling largely depends on how your lenders report your account to the credit bureaus.

Being reported as late or delinquent will certainly hurt your credit score. A simple notation that you are in debt counseling probably won't. The credit score formula used by most lenders, known as FICO, now ignores any reference to debt counseling that may be in your file, according to a spokesman for FICO creator Fair Isaac & Co.

Even some lenders that were traditionally suspicious of debt counseling have loosened their stance. More mortgage lenders are willing to lend to people who have successfully completed repayment plans.

Some lenders say they even view debt counseling as an encouraging sign that a customer is getting his or her debts under control. Citibank, the largest issuer of credit cards, says people who have fallen behind on their payments often improve their status in the company's eyes by enrolling in -- and sticking with -- a debt repayment plan.

However, there are still some lenders who refuse to deal with anyone who has enrolled in debt counseling. And if you fell behind on your payments before you entered debt counseling, you'll find those late payments will still affect your credit score even after you've paid off your debts.

What is debt settlement:
(also called debt negotiation):
The principal balance of your debt is negotiated to reduce the balance owed and get you out of debt faster.

Debt Settlement, or debt negotiation, is the act of contacting your creditors and negotiating a reduced payoff of your debt. It is not uncommon to pay 50% or less of the principal on your debt as settlement in full. This will save you more money in interest and principal payments than any debt relief program outside of bankruptcy. You should keep in mind, however, that some creditors will likely report your settlement to the major credit bureaus. However, when trying to get out of debt and to protect your credit as much as possible, debt settlement can be the most economical option for you.


As you can see, there are no easy answers for people who get in trouble with credit. It comes down to a personal decision; how badly do you need help, how badly has your credit already been affected, and how much worse would your credit rating become if you did not enroll in debt 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.

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Debt Help: Review non-profit credit counseling, unsecured debt consolidation, do-it-yourself free debt settlement and professional debt negotiation agency solutions to decide which assistance program is best for you.

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.

Don't file bankruptcy to get out of debt. Instead of a non home owner debt consolidation loan to pay off debt you could simply reduce bills via credit counseling or nonprofit debt consolidation, or you could negotiate debt settlement. View our sample letters such as a Debt Verification Letter to challenge a debt and a collection agency's right to collect.

If your unsecured debt is mainly due to credit card debt; including joint credit card debt, get debt counseling before you file for divorce.

You don't need a loan to pay bills and to payoff balances. If you cannot get approved for an unsecured debt consolidation loan, you can pay off debt over the long term via an effective personal budget.

Too much Christmas credit card debt? Consider a credit card debt consolidation quote to combine and lower monthly bills before you chargeoff credit card balances.

There are many options to handle and recover from excessive bills, whether via unsecured debt consolidation, sending creditors a debt negotiation letter, consolidating student loans, or by paying off high interest bills with a loan. Learn the truth about government debt consolidation loans and get more debt information.

Pay bills on time with our free bill reminders. Download free personal finance software to track expenses. Browse more debt assistance resources.

  

  

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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:

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  • Get a store charge card or a gas card.

  • Get a good credit person to cosign a loan for you.

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