Comsumer Credit Councilors, Good? Bad? Ugly? Any thoughts?

Answer 1

There are many types of credit counseling agencies but they fall into two categories: legitimate and not legitimate. My experience was with Consumer Credit Counseling and it was favorable. I needed their assistance back in the 90s after my divorce where the bills were just too much to handle while trying to set up my own apartment. CCCS was able to contact my creditors and consolidate my accounts into one debt management plan. My minimum payments went from $850 a month down to $500 a month that I was able to pay off. They reduced interest rates and eliminated late fees and overlimit fees, allowing me to pay off all debts within 48 months. The phone calls stopped. Now, during that period you have no access to your credit cards and you are not able to apply for more credit. The down side is that since they close your accounts and you still have debts, your credit score is lowered that if you do need credit, you are at a very high interest rate (only they can give you permission to apply for credit for emergency needs). The reason for using a consumer credit counselor in the first place is if you are overextended in debts to the point that you'll never get out on your own. The reduction of interest rates allows you to get out of that trap. The agency below (take the first step) can put you in touch with a regulated program in your area. It's free for a consultation so what do you have to lose??? I've done it and in the long run it helped my credit because I will never get into that loop of overextending myself again. It's so easy to get credit but so hard to pay it off if you can only pay minimums... or less.

Answer 2

i think like any industry, there are good ones and bad ones. you have to do the research on them... www.bbb.org (better business bureau), www.ripoffreport.com (reports from others), and interview referrals/references.

if you find a good debt consolidation company, it can really be a life saver for some. but, a lot of times they perform a duty you could do yourself. can you first consolidate debts with a single loan? (personal or mortgage, if you own a home). can you control your future spending habits so as not to get back into debt or bury yourself deeper. can you negotiate payment plans with your creditors if you can't afford the full monthly amount? try these first.

Answer 3

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