Credit/Debt Counseling - What you want to know.

    How Credit Counseling can help? What is Debt Counseling? This is the process where you meet with a counselor who goes over your current financial standing. This includes a summary of your income, your expenses in order to come up with a budget that fits for you. What then happens is that this counselor contacts your creditors and try's to get reduced interest and well as sets up a one bill per month payment plan at a reduced rate than all your normal bills together. The creditors then stop bugging you as they know that you are working with a debt counselor.

     There are several benefits that credit counseling can do for you, the first being that they can help you pay less than you normally would on your own. Professional credit counselors can negotiate with your creditors on your behalf. For a list of top credit repair companies you can see that link. They reason with them and your situation, it also helps that your creditors know that you have become a client of theirs. Your creditors would rather have some of what is owed to them than nothing so they will usually meet somewhere in the middle. As a result, your creditors will stop harassing and you will usually get late fees waived and a lower interest rate. You can get debt relief with qualified professionals.

     Credit counseling will also help you to pay off your debts quicker by setting up a payment plan that is right for your situation. You may be able to pay what you owe then in as few as three to five years as compared to perhaps 20 years trying to do it on your own. By bringing all your bills into one simple monthly bill, it makes it easier to manage your situation, you will not have to be figuring out multiple monthly bills.

Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.