Free Debt Consultation -
Smash your credit card bills by 70%

Can the Credit-Counseling Agency do what it says?

By Kelley Kilanski

Like any major financial decision, you want to take some time to do research and think about it. Don't simply sign-up at the first meeting with a credit counselor; you may be in for a big surprise.
Here are some further issues you should research:

1 - Confirm concessions

Your Credit counseling agency should provide with a list of what they can do for you by creditor, such as interest rates, elimination of fees, etc. Check with your creditors to confirm that the credit-counseling agency can provide these concessions and whether there is a waiting period for them.

2 - Will your creditors be paid on time?

An important fact to remember is that all of the accounts with your creditors are still in your name and you are expected to pay by the due date. Talk to your credit counselor about when payments are made and confirm that this will coincide with the payment due dates for your creditors.

3 - How do you get account information?

As with any account you open, you need to have a way on checking that status of that account. Find out whether this is possible and how it can be checked - email, phone, etc. Also, find out how often it can be checked and what types of information will be provided. If this service isn't available, you need to find a different agency. Regardless of the service, it's your money and you should know how it's being spent.

After you sign-up for a Debt Management Plan

In order to eliminate credit card debt sooner, stop using your credit card unless it is an absolute necessity. For example don't buy groceries on the credit card. Buy what you need with cash. Basically, if you don't have the cash to buy it, you can't afford it. Credit cards should only be used in emergencies.

Debt elimination begins by saving and then spending. Don't worry about being a miser, you should worry about going bankrupt. Not having debt will save you a lot of worry and a lot of hassle. In saving you will gain a sense of security and be less worried about whether or not you can pay your debts next month or have to pay some high interest on what you do borrow.
While less debt will certainly not make you perfectly happy, it will go a long way toward enjoying life a lot more.


Related Articles

09/08/2010 05:37 PM
Debt Management Plans - Debt Survival By Kelley Kilanski
So either you're considering paying a visit to a certified credit counselor or you've already been to see one. Either way, the fact is you're deep in debt and don't know how you're going to pay them off. In general, you need help. Either you've been overwhelmed by unexpected but necessary bills, you've lost you're job but need to pay rent somehow, or you've simply lost control of your budget. Whatever the reason, you need help and a Debt Management Plan might possibly help.
Read More Here

09/08/2010 05:37 PM
Debt Elimination Through Financial Management By Kelley Kilanski
In order to eliminate debt, you really need to do some financial management. This means looking at how much you spend and how much you have in debt. Look at what types of loans you have. Long terms loans may take longer to eliminate, but if you have short term loans and credit card debt, these should be paid off as quickly as possible. If you are like most people, you're only paying the minimum on your credit card debt. The remaining portion is then charged interest and compounding. This makes it difficult to eliminate credit card debt and credit card balances should be paid in full for this reason
Read More Here

09/08/2010 05:37 PM
Can the Credit-Counseling Agency do what it says? By Kelley Kilanski
Like any major financial decision, you want to take some time to do research and think about it. When looking for a debt management plan, don't simply sign-up at the first meeting with a credit counselor; you may be in for a big surprise. Here are some further issues you should research:
Read More Here