CONSUMER CREDIT COUNSELING
Consumer credit counseling has erupted over the past couple of decades, greatly due to the extremely high number of people in this country who have charged their way into high debt. Granted, there are those individuals and families that have come to be in the financial situation they are now in, because of catastrophic medical expenses, death, divorce, or other unforeseen events. But the majority of debt is this country is credit card debt that has accumulated quickly leaving consumers unable to even make their minimum payments, which in most cases only covers the astronomical amount of interest that is accumulating. Bankruptcy has been the only option for many of these people, and consumer credit counseling agencies popped up all over to offer an alternative to bankruptcy. These agencies work with individuals to salvage what is left of their credit, or rebuild it by assisting in making arrangements with the creditors on behalf of the debtors to resolve the debt without resorting to the final step of bankruptcy.
Recently new bankruptcy laws have come into effect that require debtors to attain consumer credit counseling first, and reach an agreement with creditors without having to involve the lawyers and courts. Bankruptcy is final and drastic; it stays on your credit record for ten years, and legally, you can file every seven years if you want to, though I wouldn't recommend it. It is possible to get credit again with some type of secured loan or credit card, but it doesn't come any where near repairing the damage that has been done to your credit. Everyone needs to check out your credit score for some reason or another, examples of this: renting or buying a home, buying a vehicle, attaining employment, being approved for a security clearance required for some types of positions, applying for any type of loan or credit card, or even opening a bank account with an overdraft protection feature.
Consumer credit counseling does not provide its services for free, and unfortunately for some consumers that are so far buried they can't see daylight, they cannot even afford to take this route. Consumer credit counseling works with you on your behalf, for your individual situation, to reduce interest, late charges and over limit fees, and monthly payments. These agencies are able to combine your monthly payments into one, which are paid to the consumer credit counseling agency, and payments are then made on your behalf to your creditors. Consumer credit counseling agencies are designed to get you back on your feet and financially healthy. You will eliminate your debt for good, and experienced professional credit counselors will educate you about how to stay out of debt for good. Get in the habit checking your personal credit reports a couple times a year. This is a way for you to rebuild you credit, and put some light at the end of the tunnel.
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