Money Saving Tips :: Consumer Credit Counceling
Consumer Credit Counceling:
When to Seek Consumer Credit Counceling to Help You
The Crush of Debt
You may have heard of consumer credit counceling, but if you are fortunate, you’ve never had the need for it. So, when should you consider consulting with a consumer credit counceling agency? When your debt becomes more than you can handle. If you’ve got creditors calling you, demanding payment, or if you’re making minimum payments on your credit cards; that’s the time to think about getting some consumer credit counceling.
Where to Look
A good place to look for consumer credit counceling is your local phone book; it’ll have lists of agencies in your area that can help you. Also, the Internet is a good source for still more groups. Once you have a list, make some calls, and send them e-mails; then you can line up a time to meet with them.
What they can do for You
When meeting with a consumer credit counceling group, be sure to bring all the information on your debt; all information! They’ll need the names of your credit cards, the account numbers, the amounts you owe, and their addresses.
Also, have all data on your other expenses: rent/mortgage, clothing, groceries, all your utilities, any regular subscriptions or memberships you have to pay etc. Then include your income, all sources of money coming in.
Once you sit down for a session of consumer credit counceling, the staff member will go over your income and expenses, and draw up a budget for you. Their aim is to help you live within your means, and not have to keep charging things on credit cards.
What's Next
It may sound impossible, but they can do it. Next, they will contact your creditors and line up a repayment plan. Often, the creditors will lower your interest rate, and you’ll only have to make one payment per month; usually to the counceling agency.
They will then distribute the monies to the various creditors. In most cases, they will help you get completely debt free in a year or two. So, if debt is your problem, seek out consumer credit counceling; you’ll be glad you did.
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MoneySaveTips.com :: Consumer Credit Counceling