Credit counseling ? Is it a boon or a bane for a debtor who is ...

If you?re a debtor who has fallen back on his monthly credit card payments, you need immediate help. Before you decide whom to resort to, you must first try getting help from a non-profit credit counseling agency. There are many credit counseling agencies in the market and it is your duty to choose the best among the lot so that you get the best services from them. Most financial experts recommend debtors to rush to the credit counseling companies as this is the best way to handle your debt burden without hurting your credit score. It is even better to resort to a non-profit credit counseling agency so that you can save your dollars while dealing with your high interest debts. Have a look at the services of a credit counseling agency and how it helps you get back on track.

1. They will assess your personal finances: The first thing that they do while helping you manage your debts is to assess your personal financial situation. Unless they get a clear idea of your present monthly income, your total debt obligations and your financial affordability, they can?t suggest you anything on personal finance management. Therefore, you have to confess everything to the consumer credit counselor so that they may be able to put forward their best efforts to help you.
2. They will craft a budget for you: The credit counselor will craft a frugal budget for you and you need to follow the budget so that you can immediately get back a grip on your personal finances. The budget will enable you to track your monthly income and expenses and monitor your savings. Follow the budget throughout the month and evaluate it at the end of the month in order to make changes wherever needed.
3. They will teach you money management skills: The credit counselor will teach you money management skills about how to manage your personal finances. If you follow their advice, you?ll soon see changes in your financial condition as you can manage your payments on time. You will be able to repay all your debts equally within a short span of time, without defaulting.

If the credit counselor sees that you have a huge amount of debt that can?t be managed through personal finance management, then you may be directed to a debt management program. You just have to make a single monthly payment to the counseling agency and this will be disbursed off to your creditors in due time. If you get in touch with a non-profit credit counseling company, you may even save hundreds of dollars as they charge less than their for-profit counterparts.

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Source: http://www.consolidationdebtfree.com/credit-counseling-is-it-a-boon-or-a-bane-for-a-debtor-who-is-drowning-in-debt.html

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