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SpinDistribute.com Article Directory

The following article was published in our article directory on September 15, 2017.
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Is Credit Counseling Right for Your Debt Concerns?

Article Category: Finances

Author Name: Van Vaughn

Do you agree that a life lived from paycheck to paycheck is not ideal? And, when you add this life to a situation where you feel exhausted from credit collectors demanding payments you feel desperate.

You heard that credit counseling works best in resolving debt issues. You see light and hope in your predicament. Before you make that final decision, check out what this method of debt resolution offers and what it can do for you.

Credit counseling in a nutshell

Credit counseling is a method of eliminating debts and a process which provides personalized advice and guidance to clients experiencing financial difficulties. The aim of counseling is to guide creditors away from bankruptcy, employing methods like financial education, financial management, and a budgeting plan.

Credit counseling agencies enjoy tax benefits from being registered as non-profit with a government agency. Note, however, that these agencies work for financial institutions and banking industry which are their sources of profit.

The process of credit counseling work

The first step in the process of counseling work is for the agency to contact your creditor for your unsecured debts, like credit card debts. The counseling personnel check for the interest charge and negotiate for its reduction or elimination.

Though registered as non-profit, the counseling agencies charge fees in exchange for a reduced interest rate or its elimination. The fees charged by counseling agencies may range from $10 to $140 per month. On the creditors� part, they permit the counseling agency to retain a portion of the amount collected.

To avail of the counseling program, you need to meet the agency�s requirements, like the amount of debt in relation to your monthly income. The counseling agency may not accept you as client if found that you have sufficient income to cover the debt.
The disadvantages in dealing with Credit counseling agencies

Credit counseling has its advantages as it guides you through education, sound budgeting, and how to manage your finances. You need to be wary, however, in choosing a counseling agency for the following reasons:

Statistics show that 60% of creditors drop out of the program before completion. Those who dropped out eventually filed for bankruptcy. The non-completion of the program could be due to:

the number of years required to complete the program
Financial consideration for monthly payments which remains a problem

Unfulfilled expectations. The counseling agencies put up ads that promise lower monthly bills. Creditors, however, find out that their monthly bills increase or the reduction of the amount is quite small at $10.00. Further, the advertisements do not include notice that there are lenders, particularly big credit card institutions, who deny negotiating with counseling agencies.
While credit counseling benefits you in some ways, it does not significantly impact your credit score. But, your chances of getting financing could be difficult if a lender does not favor applicants participating in a credit counseling program.

Should you decide to avail of a credit counseling program, assess yourself if you can stick with the program. Before your sign a contract with the agency, read it carefully and make sure it contains full disclosure on fees, description of offered services, approximate payoff schedule, and provisions for termination of contract. It is also important for you to know how the agency process dispute resolution.

A final thought: Know that much of what credit counselors do you can do yourself.

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