Consumer Credit

Consumer Credit

Consumer Credit Counseling Services - Experts In Debt Clearance

We are a country in debt and that debt can get out of control quickly which is why there is an ever growing need for Consumer Credit Counseling services. These businesses specialize in helping people who are in debt over their heads and need help getting out of debt and back into financial stability. They are experts in helping people get out debt and get back on their feet.

How do you know if you need to find a Consumer Credit Counseling Service? Ask yourself these questions:

* Am I having trouble paying my bills each month?
* Am I constantly living paycheck to paycheck with nothing left over after my bills are paid?
* Do I get phone calls from debt collection agencies on a regular basis?
* Do I avoid answering those phone calls because I can’t pay the bills?
* Have I been unable to get credit for a car or home?

If you can answer “Yes” to any three of these questions, you probably should be seeking out the help of a consumer credit counseling service. All of the above questions are indicators that you might be in debt way over your head and you probably won’t be able to get out of trouble by yourself.

There are so many consumer Credit Counseling Services that it might be overwhelming trying to find one that will meet your needs. Here are some things you must demand from a consumer credit counseling service:

* Everything should be provided to you in writing as to services they will be providing you
* Your fee should be a percentage of the amount of money they save you when negotiating with your creditors – not a flat fee.
* You should be advised of your rights as a consumer and what you can expect from them
* Their debt re-payment plan should be tailored to your personal needs – not a “cookie cutter” approach that can be used by almost anyone
* You should have the right to cease doing business with them if you are not happy with their services

Consumer Credit Counseling Services can be great help when it comes to getting out of debt and staying out of debt. They will be able to help you devise not only a repayment plan for your creditors, but they will also be able to give you tools that will help keep you out of debt in the future as well.

About the Author

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Does anyone know how good is Consumer Credit Counseling Service?

Does anyone know how good is Consumer Credit Counseling Service???

It "can" be good if you're right at the point where you've just started having trouble paying your Credit Cards...but have not yet defaulted or gone more than 90 days past due.

CCCS can negotiate reduced payments and interest rates. They will require you to stop using all credit and to cut up your cards. Your Credit Report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it difficult to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would might be denied while you're enrolled in the CCCS debt management program...

While an accredited credit counseling program like CCCS can be good you need to be aware that these programs are funded by the Credit Card industry and this can create an obvious conflict of interest in the advise they give you. I advise against using CCCS if you are drastically past due or have already completely defaulted on most of your credit cards....If this is the case then you are better off negotiating settlements directly with your creditors. You may be able to settle in the 25% - 50% range if your cards are already defaulted. If you settle, get all terms in writing. They will probably want a large lump sum rather than small payments over several years. CCCS will not negotiate settlements because they are funded by the credit card industry.

CCCS counselors will often tell people to not file for bankruptcy when they really should. If your debt is overwhelming relative to your income/assets and the reduced payments negotiated by CCCS simply will not work, then you should think about filing for Chapter 7 bankruptcy.

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Tagged with: consumer • consumer credit counseling • consumer credit counseling service • consumer credit protection act • consumer credit union • consumer credit union waukegan • credit • finance • money • reference

Filed under: Repair Your Credit

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