If you're in debt, you're not alone. The average credit-card carrying household carries $16,700 in debt. This kind of debt can be crippling. You feel trapped, unable to make headway or plan for the future. There are debt management programs that can help, but you have to be careful because there are a lot of scams out there, too. If you are considering bankruptcy, laws require you to work with a government-approved credit counselor first.
A complete state-by-state listing of approved credit counseling programs is available through the Department of Justice. Many of these government-approved credit counselors also offer debt management programs.
Consumer Credit Counseling Services
Consumer Credit Counseling Services is an organization located in San Francisco, but it helps people nationwide to get control of their financial health. It is a government-approved organization and is also a member of the National Foundation for Credit Counseling.
CCCS has experts on housing, financial planning, credit reports and other financial topics, so they are able to help almost anyone in any situation. When you need the assistance of a debt management program, a CCCS counselor will spend an hour with you assessing your financial situation. He will then contact each of your creditors and propose a lower interest rate and monthly payment. Based on the adjustments your creditors make, you'll then submit a single monthly payment to CCCS to be distributed to your creditors based on the arrangements your counselor made. The end goal is to pay off your debt faster and at a lower expense to you.
Consumer Credit Counseling Service - San Francisco
595 Market St., Ste. 1500
San Francisco, CA 94105
800-777-7526
cccssf.org
Novadebt
Novadebt is a credit counseling organization located in New Jersey. It offers government-approved credit counseling and debt management programs on a nationwide basis. Novadebt provides free housing and credit counseling as well as free financial education to families.
During your counseling session, if your counselor determines your debt is too high for you to manage on your own, she may recommend Novadebt's debt management program. She will contact your creditors and work to adjust or waive your fees, lower your interest rates and set up a repayment plan that you can afford.
Novadebt
225 Willowbrook Road
Freehold, NJ 07728
732-409-6281
novadebt.org
Debt Reduction Services
Debt Reduction Services received its government approval to offer credit counseling services and financial education programs in 1996. Debt consolidation and debt management programs are among the services it offers. Debt Reduction Services offers help to individuals and families throughout several states, including California, Idaho and Montana.
If your credit counselor believes it's appropriate after reviewing your situation, he will recommend a debt management program. The goals of the program will be to consolidate your monthly credit card payments into a single payment you can afford, to lower your interest rates and to waive late and over-limit fees.
Debt Reduction Services
6213 N. Cloverdale Road, Ste. 100
Boise, ID 83713
208-378-0200
debtreductionservices.org
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