Credit Counseling | Educational Financial Services

This country?s economy is built on the consumption of goods and services, and if consumers don?t buy, the economy suffers. The retailers are always coming up with new products and innovative ways to create a ?need? for their product, so consumers will want to buy their merchandise. They do this by using?attractive commercials and ads in?other media.?If you can afford it, go and buy what catches your eye.? But, for too many of us, what catches our eye,?gets?us into debt.? When we?re in so much credit card debt, we find ourselves struggling to make our minimum monthly payment.? We know we shouldn?t overuse credit,?but we do. Why does this happen?

Too much debt is a critical issue in this country and something that?many of us face each year.? The cost of living is rising, and, with high unemployment (and under-employment), this is not a good time to be in debt. (NOTE:? There is never a good time to be in debt). ?Many of us have much lower incomes than a few years ago?when we first incurred much of?that debt.? We thought our well-paying jobs would last and they didn?t. What to do now?? Can consumer credit counseling or debt management companies help us consolidate and pay off our debt?? There are?many bad guys out there who claim to have miracle formulas to help you with your debt problems, but many are dishonest. How do you find honest, reliable debt management or credit counseling companies?

Credit counseling is best if you begin with a non-profit counseling agency or a licensed counselor to review and analyze your income, bills, late payments and old debt, and to come up with a plan to pay everything off on a monthly basis.? They might be able to cut your monthly payments by as much as fifty percent, which will allow you to get out of debt much sooner.? Using a legitimate credit counseling service continues to be the smartest way available for getting out of debt.? A debt management plan will restructure your current debt with existing creditors by notifying them that you have enrolled in a debt management plan which will allow you to completely repay your debts.? If you?re confused, begin by reading about it on the FTC website: http://www.ftc.gov/bcp/menus/consumer/credit/debt.shtm .?? You can also google ?non-profit credit counseling agencies? and look for the online address with an .org ending.

If you decide to go with a debt consolidation company, it?s a good idea to evaluate several debt consolidation companies before deciding on which one you prefer.? When visiting an office for the first time, keep the following tips in mind:

1.?????? Don?t be pressured into signing ANYTHING they offer without checking them out first.? Make certain that your debt management/counseling service is listed with the Better Business Bureau and they have an A+ rating.

2.?????? Research the company and see what they provide.? Review all of their literature and agreements. Make sure you?re aware of hidden or disguised fees.

3.?????? If you do decide to sign up with them, make sure that ALL of your creditors are getting paid on time and the promises of the debt consolidation service are kept.

4.?????? Some companies may appear to be honest, but don?t offer their services without a catch. The following are ways that they may incur fees from their clients:

• They may charge a portion of the total debt as a fee for their service.
• They may charge part of the amount you save by using their service.
• They may charge sign-up fees.
• They may charge a monthly fee for their services.

Have you even faced your problem with overspending?? Many have not done so and just keep on spending.? ?Neither credit counseling or debt consolidation will ultimately solve your problem if you continue to overuse your credit cards.. You can start by joining a group of similar-minded people like Debtors Anonymous, who can help people with uncontrolled spending.? It?s a first step to digging your way out of your financial hole.? You will learn why you spend as you do; and that?s a good start toward financial responsibility. ?It?s a start, and you want to make one, don?t you?

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Source: http://www.allaboutccdebt.com/?p=1102&utm_source=rss&utm_medium=rss&utm_campaign=credit-counseling

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