Debt Counseling Assistance :: Best Credit Counseling
Best Credit Counseling:
In Search of the Best Counseling for Credit Card Debt
Based on the amount of advertising credit counseling gets, it may seem a simple process of picking up the phone; but in reality, finding the best credit counseling services is not as easy as it first looks. There are many scams running and some may advertise “we can erase your credit card debt”, but is that really possible?
You may be a victim of a scam. Many credit counseling services lay claim to offering the best solution. However on reading the fine print, they may request that you pay up front credit counseling services before even receiving any services and without outlining the legal options you may have. These credit counseling services do not necessarily demand a small sum along with a promise to erase your debt; but after they have collected their money, they disappear quickly while your debt remains.
Where to Look for Credit Counseling
Where can the best credit counseling services be found? There are those who suggest self-help is the best way. You avoid the risk of a scam and the operation is completely within your control; but this may be a long and difficult process which can only succeed if you stick to your plan and have a great deal of self control.
Often it’s simply too difficult to do this by yourself. This is why credit counseling companies exist. When searching for not only the best company, also look for the best price. There are many nonprofit companies that can also give you credit counseling services for a very low cost.
What the Counselors Can Do for Your Credit
The purpose of the credit counselors is to tailor their advice to your specific needs. Their credit counseling will be based on both your spending habits and financial needs. With the counseling specifically tailored to suit your needs, it will be much easier to follow and you will be more likely to stick to it.
The best credit counselors will design a plan that would likely take two-to-four years to complete. If the prescribed plan takes longer than 5 years, bankruptcy will commonly be the suggested option. If you can stick to the plan to erase your debt, there will still be lenders willing to work with you. However, if you must declare bankruptcy, lenders will not likely have a business relationship with you until at least ten years have passed.
When to Start Searching for Credit Counseling
Don’t let your debts run too high before calling for counseling. Although these companies want to help you, there is a limit as to how much debt they can cut from your payments. If your debts are too high, their efforts simply may not be enough for you to get out of debt.
Liz Pulliam Weston in The Consumers’ Guide to Credit Counseling, (http://moneycentral.msn.com/personal-finance/ - then search "The Consumers Guide To Credit Counseling") suggests four considerations to weigh when deciding whether you need to start searching for credit counseling:
a) Can you afford to pay at least the minimum due on your credit cards?
b) Do you routinely make late payments on one or more of you monthly bills?
c) Do creditors and collection services badger you with phone calls? And finally,
d) Have your attempts to develop a feasible repayment plan with your lenders failed?
If any of these questions ring a familiar bells, it may be time to start searching out the best credit counseling.
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