If you are not disciplined enough to create a workable budget and adhere to it, cannot work out a repayment plan with your creditors, or cannot keep a track of your monthly bills, consider contacting a credit card debt settlement counseling organization for credit card debt settlement. Many credit counseling organizations are non profit and work with you to solve your financial problems. Your financial institution, local consumer protection agency, friends and family also may be good sources to gain information about a reputable CCC organization.
Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified in credit card debt settlement consolidation and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.However, please keep this in mind that credit counselling organizations were originally established to help credit card companies recover revenue from clients that were falling behind on their bills. Often this is a non profit organization that is funded in-full or in-part by contributions from creditors. You make one monthly payment to the Consumer Credit Counseling agency, and then they disburse your funds and pay each of your creditors for you.
A Consumer Credit Counseling agency will usually be able to get your interest rate lowered and stop the harassing collection calls. It is important to understand, though, that you will pay the full balance owed on your various accounts with interest. In other words, your creditors will not be forgiving any of the remaining balance that you still owe.
Working with a Consumer Credit Counseling organization in getting out of debt can have negative effects on your credit that last up to 10 years. These services are also considered Chapter 13 Bankruptcy by most lending institutions. The bottom line is you will end up paying back everything you owe, plus interest.
You might consider eliminating credit card debt at 40 – 60% through us. Contact us now for a free no obligation quote.
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