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Most debt consolidation agencies offer budgeting assistance and tips that often prove very useful for troubled debtors and help them become debt free. A credit counseling agency will negotiate with your creditors in an attempt to get them to reduce your interest rates and reduce monthly expenditures. They often request voluntary contributions to help offset the costs of providing the repayment service for debtors. Counseling agencies are often successful in getting credit card and loan companies to stop charging costly penalty fees such as late and over-limit fees. For debtors who are behind on their payments, they can often arrange with some creditors to have their accounts re-aged or brought back to a current status as they are reported on a credit report. However, this does not mean that the agency will “erase” marks that are preexisting on a debtor’s credit report. The criteria for making the accounts current, differ from creditor to creditor.
We have counselors on staff that have been certified by the National Institute for Financial Education to assure the proper handling of your account.
Recognizing your financial situation and its myriad of problems is the first step in ridding oneself of debt so that credit-worthiness is not further damaged. To effectively reduce your bills, it is important that you understand how you got into your financial situation. It is our goal to assist you in analyzing your budget and spending habits, but it is equally important to understand how credit works and analyze the way of thinking that led to the irrational spending. To understand why you overspend, you must understand your desires and the impulses that drive them. In our credit society, we are often driven by the illusion that our social status and successes are measured by the amount of goods or services we can consume (buy).
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If you cannot work out a budget and stick to it, cannot work out a payment plan on your own with your creditors, or cannot keep track of bills that continuously pile up, credit counseling may be the answer. It may also help if you are opposed to the idea of taking out another loan or line of credit to get out of debt, or if your credit doesn’t allow you to get a loan. Counseling agencies do not place loans for consumers. Instead, they offer programs and services that assist you in establishing a repayment plan that is agreeable to both you and your creditors. In most cases, credit counseling agencies can only obtain more favorable repayment terms on unsecured debts such as credit cards, collection debts, medical bills and unsecured loans. They are most successful at helping you with credit card debt and they require that you stop using your line(s) of credit.