Credit Counseling

The Consumer Credit Counseling approach looks to minimize debt by negotiating with creditors to lower payments and interest rates . However, unlike debt settlement, Consumer Credit Counseling companies ask consumers for payment and rarely slash actual debts. For those seeking to repay the entirety of their debt (especially a temporary blip caused by accident, illness or sudden unemployment), Consumer Credit Counseling iss an option worth investigating, but be advised there may be negative consequences to your credit scores.

There's another aspect to Consumer Credit Counseling that should be understood. Many Consumer Credit Counseling firms often advertise themselves as non-profit groups offering financial advice, but they also take payments not only from the consumers but also the creditors. As you'd imagine, those working both ends of the system, wouldn't offer the best counseling and may suggest payment strategies that result in even higher debts for the consumer. The entire Consumer Credit Counseling industry is being more closely watched because of alleged misdeeds, and, though some Consumer Credit Counseling companies do help a specific sort of borrower, it's important to determine just whom they're actually working for. >

Compared to debt settlement firms, Consumer Credit Counseling programs have very little motivation to reduce consumer debts (despite the fees charged) and can sometimes do more harm than good.

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*Unsecured debts are debts such as credit cards, personal loans, lines of credit, store cards, and medical bills that are not secured by collateral. Mortgages and car loans are not considered unsecured debt.

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