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Question DetailsAsked on 3/8/2012

Do you have any recommendations for credit counseling services

I am in need of a credit counseling service and I'm afraid to use just anyone I find on the internet. I want to be sure I am not scammed or charged outlandish fees, and that the company is honest.

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2 Answers

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The following is a helpful link to an article from the Federal Trade Commission with guidance on how to choose a credit counselor: http://www.ftc.gov/bcp/edu/pubs/consu...
You are absolutely correct that you need to be cautious when choosing an organization to work with.

Have you considered a Financial Coach? The capabilities of each coach vary greatly within the field. However, if you can find a coach that has the capability and expertise regarding your financial concerns, they may be a better option. Unlike credit counselors, financial coaches can not only help you with getting out of debt, etc., but they can also help you with budgeting and how to stay out of debt. Thus, focusing on long-term, lasting solutions that address the real issue that got you in financial trouble in the first place.

I am the founder of Solid Green, LLC - a very trustworthy financial coaching company :) I recommend that you, first, try to find someone locally. But, if you are unsuccessful, please feel free to contact Solid Green, LLC to see how we might be of service at a distance.

Answered 8 years ago by jcrawfish

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The tangible benefit to enrolling in a credit counseling program is when you are enrolled into a debt management plan (DMP). A DMP, if your finances and bills are such that you qualify to enroll in one, is where your monthly payments on usecured debts (credit cards mostly) are lowered due to the interst rate reductions a credit counselor has preset for their customers through prearranged criteria with your creditors.

If the debts you may be struggling keeping current payments on are mostly credit cards, and predominantly accounts with larger banks, credit unions, gas cards etc., you find you are just as able to get monthly payment reductions by working directly with your creditors yourself. In fact, you may find the payment concessions you acheive will exceed the payment relief a credit counselor can obtain for you.

You may hit a brick wall when discussing payment and interest rate reduction with your creditors if you are current. That will not be the case if you have missed a payment or 2. You may find your creditors are willing to waive late fees and even reage an account and remove late pays when you sign on for one of their internal hardship plans prior to being considered 90 days late.

Check out the debtcc website for tons of free details on this topic. Its a free resource and a huge people helping people community forum since 2003. Start here: http://www.debtconsolidationcare.com/...

Answered 8 years ago by DebtBytes




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