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Consumer Credit Counseling


Although disparaged by many, consumer credit counseling can be a great help in assisting consumers to draw down their credit card debt and to get their finances on the right track.

Many consumers have never learned to handle money responsibly and, as a result, are seemingly rudderless when it comes to putting their own financial matters in order. After going through consumer credit counseling, many come out with confidence that they can now retake control of their financial life.

A consumer credit counseling service will educate you as to the alternatives available to you and help to guide you towards the ones that stand to give you the most benefit. You will learn about debt management, credit and debt consolidation, the various forms of bankruptcy, debt negotiation, and others.

Some states require that companies providing consumer credit counseling services be accredited or licensed. Other states are more lenient and have minimal or no requirements. But whether the agency is accredited or not, you should still do your due diligence and investigate the company for past complaints, testimonials, lawsuits, and the like. You should especially do this for services that are charging you a large fee for their advice.

Choosing A Consumer Credit Counseling Agency

There are so many consumer credit counseling agencies around that it can be confusing to settle on which one to choose. The best approach is to ask friends for recommendations. You can also visit various forums on the Internet where the members rate such agencies. And , although, you won’t make your final determination based on reviews from anonymous bulletin boards or forums, they can often make you aware of red flags that you may otherwise have missed. And, lastly, check with your local community to see if they offer any type of free consumer credit counseling – as many of them do these days.

A good consumer credit counseling service will show you how to break down your financial situation into assets, liabilities, and cash flow and to come up with a customized financial plan that will help you to pay off your short term debts as well as take care of your long term debt obligations.

You will learn that creditors are not to be feared. Most creditors are more flexible than you probably think. And most of them are more than willing to work with you if they know that you are making a sincere effort to pay off your bills. You will also learn to deal with collection agencies, how to handle nuisance collection calls and the like.

There are all kinds of ways that people choose to deal with bad credit and debt situation. In the end, however, if you have absolutely no idea as to how to proceed on your own to reduce your credit card debt, enrolling with a consumer credit counseling service may be the best thing for you to do.


Negotiating Credit Card Debt
If you are having trouble making your credit card payments, you might try negotiating credit card debt balance on your card.

Credit Card Statute of Limitations
Every state has a credit card statute of limitations as to how much time they have in order to file a lawsuit for an unpaid credit card bill. What does this mean for you?



 

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