Consumer credit counseling can be a good way to help you manage your debt. A credit counseling agency can work with you to develop a payment plan that fits into your budget. If you have fallen behind on your credit card payments, contact them immediately to discuss your options and intent to enroll in consumer credit counseling.
What Is Consumer Credit Counseling?
Credit counseling organizations are nonprofit agencies that work with you to eliminate financial obstacles. Credit counselors can provide advice and discuss your options. Credit counselors can negotiate lower payments and interest rates, but they cannot negotiate settlements.
How It Affects Credit
Once you enroll in consumer credit counseling, you will be required to stop using and discard your credit cards. While in credit counseling, your credit report will notate you are enrolled in debt management. You cannot be sued and your credit score will not be damaged, although it may be impossible to obtain any new credit while in counseling.
Legitimate Credit Counselors
Even though most credit counseling services are "nonprofit," it does not mean the services are free. Some consumer credit counseling agencies charge high fees and additional hidden charges. Check the National Foundation for Credit Counseling to locate a certified credit counselor.
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