Consumer Credit Counseling Services is the most popular “service” known to consumers facing money problems. Those consumers battling the managing their finances can get help with exploring their options on debt repayment and learn how to create a budget to make their money behave. For many, it is the last choice before filing for bankruptcy.

Does Your Financial Position Qualify?

Too many consumers fall for the quick ads announcing cutting your debt in half by using a service to become their “face” with your creditors. These credit counseling companies can negotiate with creditors for lower interest rates, stopping fees for late payments, reduce the monthly payments and negotiate debt repayment schedules.

However, not everyone qualifies! Remember this is a business even though the label on “Non Profit” is stamped on their advertisement. Often you will need to have over $10,000 in consumer debt to use their credit services.

If you pull the emotional curtain away and step back, the counseling services in the credit industry bring the biggest element to finances that their clients do not and that is organization and discipline. Creditors work with the counseling services because it is in their best interest to do so.

Do not think for a second that their services are free… there will be a cost.

• a monthly fee
• usually a damaged credit score
• Lifestyle changes

You can take all the same steps the credit counseling companies perform all on your own and probably get out of debt quicker with less cost by doing the following:

• Start living on a budget
• Contact your creditors to work out new terms by being upfront with them
• Getting organized
• Staying Focused
• Make Lifestyle changes

I’ve done it and you can too!

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