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A Guide to Consumer Credit Counseling(Read
This Article Carefully)
When
debt begins to build up uncontrollably, it may seem as though the
only way for you to get out of debt is to file bankruptcy and deal
with all of the negative repercussions that come with it. Luckily,
there is another option… in many cases a service
known as consumer credit counseling can help you to avoid bankruptcy
while eliminating your debt and getting you back to where you need
to be in regards to your credit.
A variety of consumer credit counseling services have come into
being within the past several years, and so long as they continue
to provide services that help individuals avoid personal bankruptcy,
it seems that there will be a need for these services for some time
to come.
What Is Consumer Credit Counseling?
It is
a method for resolving the debts of an individual without filing
for bankruptcy, using a third party to negotiate settlements with
creditors and to assist in budgeting money for debt repayment. Consumer
credit counseling services don't issue loans or offer any sort of
repayment themselves; they simply help you to manage your money
so that you can repay your own debts, while at the same time working
with your creditors in an attempt to get them to reduce the total
amount that is owed. This allows you to pay a reduced amount, while
it allows your creditors to avoid the additional expenses of collection
attempts and possible court costs.
How Does It Work?
It
operates in two ways... they are either non-profit organizations
that operate off of government grants, or they are for-profit organizations
and charge a nominal fee for their service. Regardless of how they
make money, the core of the service that is provided remains the
same; negotiation with creditors (many of whom they already have
contacts with) and assisting individuals in debt with their budgeting
and repayment.
Depending upon the amount of money that is owed, some people can
get through the credit counseling service rather quickly and have
all of their debts reduced and repaid. Others may find themselves
taking several months or possibly a year or more to repay their
debts, even after negotiations reduce the total amount owed. The
time spent doing so is usually worth it, however, as the individual
who spends a year or more would likely have no other option aside
from bankruptcy if they had not chosen credit counseling.
Avoiding Scams
As
with most services concerning money, there are those who will try
to present themselves as consumer credit counseling services in
order to scam money out of individuals who are desperate for a way
out of debt. These scams usually present themselves as offering
instant debt relief or claim that they can cancel debts that you
owe for a fee. What they usually offer, however, is a business tax
ID number to replace your personal ID. The worst part of this is
that it is usually legal for a business such as theirs to request
a new tax ID number, but should an individual use it in an attempt
to gain personal credit they are subject to fines and possible criminal
charges. Before signing up with any debt relief service, it's important
to check out their background and obtain references if possible,
especially if they charge large fees for their services or claim
to offer instant results(Author)
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