Credit Counseling – How to Tell If Credit Counseling Will Help You Or Hurt You

Saturday, July 11th, 2009 at 6:09 pm

Just so that you understand, there are certain situations in which you DO NOT need to engage the services of a credit counseling agency. To do so would be a waste of time and money. I say it like that because some of the less than reputable companies have a knack for enrolling people into their programs unnecessarily.

Here’s how to tell if you DON’T need the services of a credit counselor. If you are able to make your payments and are current on all of your accounts. If you are making just the minimum payments, but you are not behind and are not paying late. If your interest rates are high, but you are still making your payments on time. If you are just seeking to lower your interest rates and lower your payments. The bottom line is this, if you are in a situation where you are making your payments on time, but you are seeking to get a better deal or engage in debt reduction, then you don’t need credit counseling.

You are more so a candidate for using one of the debt reduction software programs or using debt settlement coaching. Those options will save you thousands of dollars versus using a debt management program or receiving counseling.

Here’s a clip note; if you are too far in debt, sometimes credit counseling may not be able to help you. At that point, you’ll either need to enroll in a debt management program, hire a hard line debt negotiator to go to bat for you. Or, sign up with one of the reputable debt settlement coaches. And, I hate to say it, but some situations just may require bankruptcy. But that is an absolute last resort.

Here’s how to tell if you are a candidate for credit counseling. If you are consistently late paying one or more of your bills. If you forego paying one or more of your bills to pay another. If you are unable to pay even minimum payment on your credit cards. Creditors and debt collectors are calling you all the time. You attempted to work out a revised payment plan with your creditors, but they refused to accept it.

All in all, there are no hard line rules, just guidelines. That being said, the only way to tell what you best option may be, is to immediately seek debt advice. Don’t wait until your situation escalates to critical mass.

Do you want to find a reputable Credit Counseling Agency and avoid the ones that will take your money and run? If so, Click Here: Credit Counseling 101.

If you have questions or concerns about debt relief, debt counseling or need free debt advice, Go To the Get Out of Debt Experts. You Won’t Find This kind of Guidance Anywhere Else, Not For Free.

Joel Marks has been providing people with tools and information they need to get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt. Visit the Get Out of Debt Experts at: Debterasure.com

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Author: Joel Marks