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SpinDistribute.com Article Directory

The following article was published in our article directory on July 20, 2013.
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Who Needs Credit Counseling and Debt Settlement Loans?

Article Category: Advice

Author Name: Gregory Haynes

Credit counseling is a misrepresented financial instrument. First, it is not a debt eraser that works every time for everyone. Debt settlement is a specialized financial tool that works for specific financial realities.

Second, debt settlement is not merely exchanging several smaller debts and then lumping it into one bigger debt. The best type of debt settlement starts with debt negotiation. The goal is to lower the total amount of debt for each creditor.

Third, it s still a debt! This means you have to pay on time and in full! On a positive note, you are exchanging an overdue debt with a current one, so keep it that way! Below are a few topics that your credit counselor or credit counseling provider will discuss to you in greater detail.

Financial Education

Behind every counseling session is financial knowledge. The counselor, with the aid of the information you provide, will discuss to you what you are doing right and doing wrong. Tip: Listen carefully, and take down notes. Ask questions at appropriate times.

Your Options

Different options will be discussed. Some of these options are available now, some in the near future, some in the longer run. Remember, your counselor maybe an uninterested third person, but in the end it is your decision which option to choose. Hopefully you do so after due diligence. Some of the options that maybe discussed are:
- Debt negotiation
- Debt settlement
- Credit Repair
- Foreclosure
- Bankruptcy
- Do You Have Income?

For purposes of this article this can refer to steady income as a regular employee or from any other endeavour. Provided the same is steady. Your income must also be sufficient to cover your expenses WITH the debt instalment payment.

The wrong way to do things is to apply for a debt settlement loan without knowing your disposable income. The right way to do things is to apply for a settlement loan after filing out your income and expense worksheet. This way you can tell your credit counselor your max instalment payment capacity

Do You Have a Hardship Letter?

If you are consolidating a loan your new creditor will ask you why you got into debt in the first place. AND, why you can now be trusted to pay the new loan. This is where a hardship letter comes in.

Write down the reason/s why you were not able to pay your debts i.e. you got fired from your job, someone in the family got sick, there was an accident, etc. Be honest. They will check out your story. Now end by saying that the hardship is over i.e. you have a new job, unforeseen expenses have now been paid. AND you can and are more than willing to pay. You just need a chance.

Closing Tips

Find a credit counseling service online. All you have to do is access the National Foundation for Credit Counseling (NFCC) website. Find the link that leads you to a list of licensed credit counselors and firms. Contact the one within your state, and nearest you.

Keywords: Credit Counseling

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