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SpinDistribute.com Article Directory

The following article was published in our article directory on July 23, 2013.
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Salient Characteristics of Credit Counseling and Debt Settlement

Article Category: Advice

Author Name: Gregory Haynes

One aspect of credit counseling is as a precursor or requirement for debt settlement. The same can be thru an existing lender or a new one. In gist, the creditor is either required by law or is under moral obligation to provide information relevant to debt settlement. This allows the consumer/debtor to make an informed decision. The lender also has an excuse in case everything goes wrong, like in the last financial crisis.

Your Situation

The first job of your counselor is to ground you on what s real. You start by providing personal and financial information. Do not worry; everything you say is confidential. Tip: information relevant to your income and expenses will be asked, so be prepared. Be honest and as accurate as possible. This way your counselor gets an accurate picture of your situation, and can advise you accordingly.

Your Options

Credit counseling is all about options. Some may be easier than others. Some may be available to you now, some in the future. The point is you know what you need to do and you are given accurate information about how to do it. This is, as effectively and efficiently as possible.

More Income

The bottom line is you need more income. You got into debt because you were not adequately prepared for exigencies. A good counselor will also inform you of alternative income streams available to you i.e. part time job, how to ask for a raise, when it s time to get a new job, etc. The goal is to get a savings account going, and to regularly add to the same.

Time and Finances

The most pitiable types of debtors are those who actually have enough income. The problem is, because of poor financial planning they do not pay on time. As useless as it may sound; a good talk and a basic payment calanedar may be just what you need!

Why You Need to Pay your Overdue Debts

First, it is the right thing to do. Second, overdue debts, especially from large financial or lending institutions (i.e. credit cards, loans, mortgages) earn interest and penalties. Third, more overdue debts means a lower credit score. This will impede your future financial options.

Debt Negotiation

Some credit counseling providers can only instruct you on how to negotiate with creditors. Others can actually refer you to banks, lenders, and subject matter experts who will negotiate for you. At the very least you need to understand what can be negotiated. This includes but is not limited to:

Interest: Overdue debts earn interest. Oftentimes creditors are willing to lessen or completely drop interest provided you pay in full ASAP.

Penalties: Creditors are also willing to forego penalties, especially if you have a valid reason for none payment and you contact the creditor ASAP.

Principal: In some cases, especially when a debt is about to go bad or be sold to a collection agency, a creditor will be willing to give you a discount on the principal.

In Closing

More salient features are available on the website. Take your time; read the articles. A little bit of diligence now can save you lots of trouble in the future.

Keywords: Credit Counseling

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