credit card debt consolidation services
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credit card debt consolidation services
Help & Advice
Debt Help: If you’re not disciplined enough
to create a workable money plan and stick to it, can’t work
out a repayment plan with your creditors, or can’t keep track
of mounting bills, consider contacting a Debt Counseling
organization. Many Debt Counseling organizations are nonprofit
and work with you to solve your financial problems. But be
aware that, just because an organization says it’s
“nonprofit,” there’s no guarantee that its services are free,
affordable, or even legitimate. In fact, some Credit
Counseling organizations charge high fees, which may be
hidden, or urge consumers to make “voluntary” contributions
that can cause more debts. Most credit counselors offer services
through local offices, the Internet, or on the telephone. If
possible, find an organization that offers in-person Debt and
Credit Counseling. Many universities, military bases, credit
unions, housing authorities, and branches of the U.S.
Cooperative Extension Service operate nonprofit Debt Help
programs. Your financial institution, local consumer
protection agency, and friends and family also may be good
sources of information and referrals. Reputable Debt Couseling organizations
can advise you on managing your money and debts, help you
develop a budget, and offer free educational materials and
workshops. Their counselors are certified and trained in the
areas of consumer credit, money and money owing management,
and budget. Counselors discuss your entire financial situation
with you, and help you develop a personalized plan to solve
your money problems. An initial counseling session typically
lasts an hour, with an offer of follow-up sessions.
Debt Relief Program: If your financial
problems stem from too much bills or your inability to repay
your debt, a Debt Help agency may recommend that you enroll in
a Debt Relief Plan (DMP). A DMP alone is not Debt and Credit
Counseling, and DMPs are not for everyone. You should sign up
for one of these plans only after a certified Debt Couseling
has spent time thoroughly reviewing your financial situation,
and has offered you customized advice on managing your money.
Even if a DMP is appropriate for you, a reputable Debt Help
organization still can help you create a money plan and teach
you money management skills. In a DMP, you deposit money each month
with the Debt & Bill Counseling organization, which uses your
deposits to pay your unsecured debts., like your credit card
bills, student loans, and medical money owing, according to a
payment schedule the counselor develops with you and your
creditors. Your creditors may agree to lower your interest
rates or waive certain fees, but check with all your creditors
to be sure they offer the concessions that a Debt & Bill
Counseling organization describes to you. A successful DMP
requires you to make regular, timely payments, and could take
48 months or more to complete. Ask the Debt and Credit
Counseling to estimate how long it will take for you to
complete the plan. You may have to agree not to apply for — or
use — any additional credit while you’re participating in the
plan. Make sure your protected Be wary of Credit Counseling
organizations that: charge high up-front or monthly fees for
enrolling in Debt Negotiation or a Debt Relief Program. pressure you to make “voluntary
contributions,” another name for fees. won’t send you free information about
the services they provide without requiring you to provide
personal financial information, such as credit card account
numbers, and balances. try to enroll you in a Debt
Consolidation Program without spending time reviewing your
financial situation. offer to enroll you in a Debt
Consolidation Program without teaching you financial budget
and money management skills. demand that you make payments into a
Debt Relief Plan before your creditors have accepted you into
the program
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