Category Archives: Credit Counseling

3 Important Facts About Credit Counseling & Debt management

Debt management and credit counseling are very popular in the States today. With the credit card crisis on the rise, the credit counseling services are becoming indispensable. Goingt o a Credit counseling service is a good choice for managing personal and commercial debts properly. With the increased demand for credit counseling, many debt management firms have popped up through the recent years. You can find a debt management firm easily.

However, when it comes to finding the best, there are several factors that have to be considered. You will be well aware of the fact that all the credit counseling programs function based on the basic principle of help the borrowers to settle their debts with smaller monthly payments. However, today with huge competition out there, the debt management firms are offering various advanced services. It is very much necessary to know the facts about the modern credit counseling services. In this article we have presented the 3 must know facts about modern credit counseling and debt management programs.

1. The Many Services Offered by the Debt Management Firms

As already said, huge competition in debt management sector has forced firms to provide unique credit counseling services. Today, services ranging from small budget counseling to debt management training for corporate companies are available with debt management firms. Hence it is always good to look for an organization that provides the ranges of credit counseling services that best fit your needs.

2. Checkout the credit counseling laws in your State

The huge demand for the credit counseling services created a sudden outbreak of a large number of scammy debt management firms. These fraudsters used to charge huge fees from the clients by offering false promises. To prevent these fraudulent companies from swindling the people money, the Government has made it mandatory to get the licensing for providing credit counseling in the States.

Separate licenses have to be obtained for different credit counseling services. For example, if a firm provides credit counseling and Pre Filing Bankruptcy Counseling, they should have the license for both the services. Advantageccs is a debt management firm which holds the license to provide Pre Filing Bankruptcy Counseling in Alaska Arkansas, California Florida, Hawaii Indiana, Kentucky Louisiana, Nevada New Mexico, New York Ohio, Pennsylvania South Dakota, Tennessee Texas, Utah Washington and West Virginia Wyoming.

3. There are many free counseling service providers too

Most of the debt management firms offer free counseling services today. These firms offer free counseling once you join some of their debt management plans. The fac that the counseling is free doesn’t mean that it is useless. Due to the tough competition in the field, the debt management firms are providing the very best free counseling to the clients.

Debt management has seen lots of changes through the recent years. Keeping a track of the changes will help you to find the best debt management program.

The Author of this article is an expert financial advisor. He has provided the much needed assistance to people around the Globe in finding the best credit counseling services. With his vast knowledge in Debt Management and Foreclosure he has written many articles regarding Housing Counseling in Texas.

Related Credit Counseling Articles

How Do Lenders View Credit Counseling Services?

Typically consumers that have overwhelming debt have two options, either enter into a Consumer Credit Counseling Program or declare Bankruptcy. While the two options may have a lot of similarities, most will opt to enrolling into a Consumer Credit Counseling program for such reasons as it is more cost effective and easier to implement.

Many credit card companies and creditors realize that it would be more beneficial to actually work with debtors and make affordable payment arrangements than to pursue typical collection activities. Instead they work with each of the individual’s creditors to come to some agreement that will result into a reduced single payment plan, a consolidation of their debt, and or a reduction of interest rates and late fees – thus making it possible for the debtor to repay his or her debts over a period of 3 – 5 years. Once enrolled, the debtor will make a single payment to the consumer credit counseling service, and then the counseling service will make all the payments to the creditors.

One of the advantages of credit counseling services is to educate their client about debt management and budgeting.

The main disadvantage of enrolling into consumer credit counseling services is that many creditors will make a notation on the debtor’s credit report indicating that the debt is being managed by consumer credit counseling agency.

Another major issue that a client may experience is, even though they are making their monthly payments to the credit counseling service on time, the credit counseling service doesn’t make the payments to the creditors on time. Now this will reflect on the client’s credit report as late payments.

And to add fuel to the fire, it is not uncommon for the credit counseling service to make the payments on time, while the creditors are not accepting the reduced payment amounts. This, too, would negatively affect the consumer’s credit report.

However, if you are in the market to purchase a home or refinance, it is important to find a mortgage expert that specializes in helping individuals that have been enrolled or that are currently enrolled in consumer credit counseling services. The lender will request from the credit counseling agency a copy of the agreement which will indicating the date the consumer entered into the program, all the creditors involved, and the payment history of the consumer’s payments. From this information, the lender will then determine if the client qualifies for a mortgage loan. FHA LENDER’S understand that if the consumer has been making their payments on time to the consumer credit counseling agency, but the creditors have been getting their payments late, then that’s not the fault of the consumer and shouldn’t penalize them from purchasing a home or refinancing their home.

It is important to note that many lenders view credit counseling services as similar to a Chapter 13 bankruptcy, because both can entail a payment plan and re-negotiation of debt payments. (And, in fact, some people who are using a credit counseling service do end up filing bankruptcy because they still don’t have the income or money management skills to handle the payments.) So, in some cases use of such a service can be a negative.

However, many FHA Lenders recognize that if a person is attempting to handle debt responsibly by enrolling in these types of services, then that person probably takes their financial commitments seriously. In general, in order to get a mortgage the borrower must have a 12-month history of paying on time and a letter from the counseling service stating that purchasing a home or refinancing will not interfere with the repayment plan. Thanks to FHA Loans, consumer credit counseling services will not restrict the borrower from obtaining a low interest rate mortgage loan.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in FHA Mortgage Loans for people with Consumer Credit Counseling, Bankruptcies, Foreclosure or with other credit issues. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com/own-a-home.htm or Call 954-678-5796

Christian Credit Counselors Debt Control Arrange

Seeking debt settlement although not sure how it operates? You’ve come to suitable spot! Christian Credit Counselors is a non-profit Credit guidance and Debt control company. During the last 24 many years we have assisted over 300,000 Americans to leave of financial obligation. Our goal is help you figure out what just the right option would be for the specific scenario.

See how nonprofit credit guidance and financial obligation management programs operate in this animated video. We’ll show you getting off financial obligation in a few simple easy steps:

1. Call or go online for a free credit counseling program. Telephone alternative: talk to an NFCC-certified credit therapist. Online choice: enter information yourself online and never having to speak to an individual. On the web choice is offered at: www.incharge.org

2. Share information about your income, possessions and debts. Receive an unbiased debt settlement recommendation that could consist of: searching for a nonprofit debt management program or bankruptcy.

3. in the event that you be eligible for your debt administration system, you may possibly qualify for these advantages: reduced rates of interest, lower monthly premiums, one consolidated monthly payment.

Learn More About Credit Counseling
https://www.incharge.org/debt-relief/credit-counseling/

Learn More About Debt Management
https://www.incharge.org/debt-relief/debt-management/

Credit counseling and debt administration programs may also be described as debt consolidation reduction, because they combine your month-to-month debt repayments into one repayment.

To start out Online Nonprofit Credit Rating Guidance, visit:

https://www.incharge.org

Credit Counseling Faqs
https://www.incharge.org/debt-relief/credit-counseling/frequently-asked-questions/

To talk to a Nonprofit Credit Counselor, call: 1-800-565-8953

Contact InCharge Debt Possibilities
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Do You Really Required Credit score Counseling?

credit counseling
by brizzle birthed as well as bred

Being swamped in the red could really bring stress and psychological pay and sometimes the best way to obtain with this circumstance is to seek credit report counseling. A credit rating therapy company can be a big assistance for individuals that are losing control over their funds. What could a credit rating therapy solution do for you?A debt therapist can negotiate with your financial institutions for easier payment terms or reduced regular monthly settlement charges. In some instances, a credit counselor might suggest that the customer enroll in a financial obligation repayment strategy. Debt Settlement Strategy and Therapy Just what is a

financial obligation repayment plan? A debt repayment plan is when the credit rating counseling agency distributes the customer’s monthly settlements to the financial institutions in addition to arrangement. As a consumer, you will be submitting your repayments to your debt counseling firm and also the firm would certainly be the one to settle your financial institutions. Under a debt repayment strategy, financial debts with the greatest rates of interest are frequently paid off first to maintain financial obligations from further constructing up. Nonetheless, remember that enrolling in a financial debt settlement plan or financial debt administration strategy is not constantly suitable for every person. Do you truly need a credit history therapy company to do this? OR would it be much better to do settlement on your own?Why Seek Credit scores Therapy Thoroughly examine your financial scenario and also weigh your alternatives. What has led you to debt

? Are you having trouble managing your spending routines? If the problem includes your individual investing practices, it may be a smart idea to look for expert help from a credit rating counselor.You’ll recognize it’s finest to seek aid from a legitimate and also trusted credit history therapy firm when: * financial obligation problems are beginning to interfere with your family members partnerships, * loan providers are rejecting you credit rating * calls from your lenders are beginning to upset you * if you locate it upsetting control of the situation.Once you have actually decided to get credit rating therapy service, ascertain
that you’ll be functioning with a reputable and relied on firm. Some credit report counseling solutions could be fake.

Also so-called charitable credit scores therapy firms can benefit from your trouble if you’re not cautious with your choice.One way to examine the online reputation of a credit scores therapy agency is to see if it belongs to the National Foundation for Credit score Therapy (NFCC)or the Association of Independent Consumer Debt Therapy Agencies (AICCCA). You could additionally check from the Better Organisation Bureau and from your State Attorney general’s workplace if there has actually been any kind of cases filed versus the credit history counseling business as well as exactly how these issues were fixed. When you make certain that the credit history counseling firm

is a legit one, know as much as you could concerning the services the debt counseling company supplies. Inquire concerning the fees that you will certainly be required to pay, what programs are provided, as well as exactly what accreditations the credit score firm have
. Remember that credit history repair service agency should not ask you to submit payment unless the services have actually already been provided. Liz Roberts is a self-employed writer and also lending consultant. The website BadCreditResources.com uses sources that concentrate on authorizing bad credit report individual car loans and credit rating cards for negative credit.

Customer Credit score Counseling In Austin, Texas

credit counseling
by BostonCatholic Non-mortgage consumer debt counseling in

Austin, Texas is fundamentally little different from monetary aid services in other city or state, anticipate that these credit counseling companies are made to fulfill the demands of individuals living especially in Austin as well as its surrounding cities. Austin is the 4th largest city in Texas and also is the capitol of this terrific southern state. Similar to several credit scores therapy companies, consumer credit scores counseling in Austin provides some cost-free or affordable assistance for your credit scores problems. Credit rating troubles could be triggered by financial obligation, late settlements, no payments, or several other core factors. Customer debt therapy in Austin is readily available to assist you take that primary step to financial liberty. What is Non-mortgage consumer debt and also Financial obligation? To understand what customer credit score therapy in Austin is everything about, you must initially comprehend exactly what non-mortgage consumer debt is

and the debt that can feature it. Customer financial obligation is incurred when you have spent more money than you can manage on products that will certainly not grow in worth. Typically, customer financial debt consists of things like bank card financial debt, month-to-month expenses that have not been paid, and personal lendings. This meaning could be increased to include added products such as house car loans, home loans, and also cars and truck funding that you are not able to pay

as well as have actually accumulated right into financial obligation. All these points adversely influence your credit history, which means that any type of debt you have will create your credit history to go down. This is when consumer credit score counseling Austin becomes an excellent choice. Just what is Consumer Credit report Therapy? Since you have some understanding of non-mortgage consumer debt and financial debt that accompanies it, the services used by customer credit scores therapy in Austin will certainly be extra obvious. If you remain in severe financial debt, which instantly implies that your credit has been affected, it is best to look for economic aid. This aid could come in lots of various forms. Some customer credit score therapy solutions in Austin come via phone sessions, assistance through the Net, or face-to-face conferences. No issue exactly how you get financial counseling, normally you will be shown the very same things. The first point that these therapy solutions in Austin will show you is ways to analyze all your finances. This includes computing what does it cost? loan you are making regular monthly and contrasting that to what does it cost? you are

spending. If you are investing more compared to you gain, you are most likely currently in financial obligation. If so, that causes the following process you will certainly learn, which is the self-control of budgeting. Budgeting is an essential component of financial debt management, and any kind of non-mortgage consumer debt therapy business in Austin will certainly instruct you how you can spending plan effectively. These financial therapists will also provide you the very best alternatives for reducing your debt and fixing your

customer credit score. That is the benefit of looking for financial support, so you could rise above your credit scores and financial debt problems. So, if you reside in Austin, Texas and you are experiencing financial issues, you could seek the help of non-mortgage consumer debt therapy in Austin and get the devices as well as expert understanding to assist you handle your financial obligation effectively. For debt therapy information, go to http://www.debt-counseling-assistance.com, for your debt requires.

Becoming a Credit Counselor

< object kind="application/x-shockwave-flash" design="size:425 px; height:355 px;" information ="// www.youtube.com/v/kiZZ0bQKvw4?color2=FBE9EC&version=3&modestbranding=1" >< param name="movie" value ="// www.youtube.com/v/kiZZ0bQKvw4?color2=FBE9EC&version=3&modestbranding=1"/ > Coming to be a Credit scores Counselor. Component of the collection: Credit rating Cards & Financial Preparation. In order to become a credit history counselor, obtain accredited as a credit scores therapy fitness instructor from the National Structure of Credit Counseling. Take college classes to come to be a debt therapist with tips from a monetary professional in this complimentary video clip on bank card and personal finance. Check out more: http://www.ehow.com/video_4985423_becoming-credit-counselor.html
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Caution: Before You Enroll in a Debt Management Plan

Credit Counseling offers a mainstream and non-confrontational method for lowering your monthly credit card payments. There are many benefits to a repayment plan, but there are also a few concerns you should be aware of before enrolling in one.

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You have to be able to qualify for the plan based on monthly budget and expenses. You cannot have too little money in your budget, nor can you have too much of a monthly cash surplus.

You should have dependable and consistent income and think twice before enrolling collection accounts that are from charged off credit cards.

BENEFITS OF CREDIT COUNSELING: http://consumerrecoverynetwork.com/credit-counseling-services-help-lower-credit-card-payments/

CAUTIONS ABOUT CC AGENCIES: http://consumerrecoverynetwork.com/warnings-about-credit-counseling-agency-dmp/

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.
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Facts Customers Should Be Aware Before Considering Credit Guidance or Debt Consolidating

Definitely, the hate post is obviously from some individuals that eventually get these “certain kinds” of organizations we talked about and people organizations obviously are Credit Counseling or debt consolidation reduction organizations; that many “claim” to be non-profit companies.

You’d nearly have to be an ostrich together with your head caught inside sand not to see or hear one or more advertisement every day from a Credit Counseling or Debt Consolidation business. However, you can expect this to improve and change soon. Because this is a topic which will “stir-up” the people who own these businesses, my goal is to simply take another type of approach by never revealing my opinion, but rather, the opinion of other people. I shall start with the news media therefore the Internal Revenue Service:

“(NPR News, May 15, 2006). The Internal sales Service is revoking the tax-exempt standing of some of the biggest credit counseling companies in the united states. An IRS research disclosed that the organizations solicited business from folks seriously indebted and they don’t provide counseling or consumer education, as required.

Prodded to some extent by a congressional oversight committee and customer supporters, the IRS started examining lots of credit guidance companies — most holding non-profit condition — 2 yrs ago. IRS Commissioner Mark Everson says the firms “poisoned a complete sector regarding the charitable neighborhood.”

Everson claims in most cases, organizations were arranged simply to funnel company to loosely affiliated for-profit organizations. Most of the companies spend huge amount of money on advertisements that desire anyone with debt to phone them to fix their particular financial woes. And because tax-exempt organizations aren’t limited by the federal do-not telephone call listing, the corporations were able to randomly call consumers, pitching their services under the guise of a non-profit counseling solution.

The IRS investigations will also be prone to affect consumers, as a result of an innovative new personal bankruptcy law that requires consumers thinking about bankruptcy getting guidance before they truly are allowed to register. The IRS really wants to ensure that just legitimate non-profit companies are performing the counseling. Besides the actions announced Monday, the IRS is delivering over 700 compliance letters towards rest of the credit guidance industry (END).”

Since practically all Credit guidance and debt consolidation reduction organizations claim a non-profit status, personally i think most ındividuals are easily drawn in due to their doubt and defenses at bay. In the end, whenever many of us hear the word “non-profit” first thing we often consider is a church or homeless housing.

From the NPR article and also the actions of the IRS, i believe it really is reasonable to believe that numerous of the “non-profit” companies being operating under a scenario similar to that of a wolf guarding a hen household. However, this doesn’t imply all credit counseling and debt consolidation reduction businesses are bad but… you do must know the reality how they operate and their particular limitations.

The first thing you want to comprehend is these businesses are ALL more interested in making money off you than they have been in preserving your credit history. The conclusion with either credit guidance or debt consolidation reduction is that it positively ruins your credit. I can simply hear the companies arguing this with a consumer right now, informing all of them nonsense like “it can help your credit since it informs creditors that you’re working on your position and not running far from it.” Tune in… if one these locations lets you know that than watch out. The Reason Why? Because they will lie to you about other stuff aswell!

One of the very first activities these programs generally calls for that do is actually for that CLOSE your revolving credit accounts. Afterward you make payments into the business and so they take care of every little thing for you. Exactly what this claims to all or any your creditors (including any person considering providing you credit) is that you are incredibly out of control with your funds which you can not also handle spending everybody else right back yourself. For that reason, you are employing someone else to get it done for you!

99% of the time these companies will claim they could negotiate with your creditors and get rates of interest reduced therefore saving you cash. While this does work, what’s in addition true is you can easily negotiate these same rates as well as they are able to just by calling creditors yourself. You would be astonished at just how many of your lenders sooo want to hear from you (especially as soon as the chips tend to be down!). Maybe not too point out, hardly any money the guidance business would be to help you save would more than likely be drawn backup by their particular monthly fees (usually around $ 500 to $ 1,000 each year).

This brings united states into a complete various other dynamic of the enterprize model. Because these organizations always make their funds from month-to-month charges compensated by the customer, the longer they are able to hold those monthly charges coming in the more lucrative their business will be. It’s as a result that a lot of consumers just who register with one of these organizations frequently find themselves on repayment programs using lowest payment per month feasible (which ends up to also be the LONGEST payment program and). Unsurprising will it be?

Am I against Credit Counseling and debt consolidating organizations? No way. After all, you can find millions of people in America that will never be in a position to manage their particular funds. Credit to them is a destructive addiction just like alcoholic beverages or drugs and they’re going to never be able to get a grip on it. Instead, it will always get a grip on them. We have all seen these people. Each time they are extended credit soon thereafter these are typically in economic difficulty (usually blaming it on some external aspect). For those people I think these credit and financial obligation counseling programs could be the best thing (as a ruined credit history just isn’t a hindrance in their mind but in fact a secured asset). It keeps them regarding future financial difficulty by pushing them to call home their resides on a “cash-and-carry” basis; which can be fundamentally favorable to a better quality lifestyle later on.

On the other hand. If you’re good together with your funds and now have control with credit but experienced some sort of difficulty beyond your control in past times (for example. breakup, job reduction an such like); then your solutions of those companies won’t be obtainable. You will definitely do far better and protect your credit score by taking things into the very own fingers. Reason being is you realize your credit score is a robust device that will help you proceed faster, assist others and help your self also produce the life you need. All of it comes down to self management. We all know that people who cannot manage themselves will finally be managed by others. Credit is no different. Once you learn how to handle it really, you might be the master and it is the servant.

If you value your credit and would like to reap the benefits of it as time goes on, you will never rely on a credit or financial obligation counseling solution to acquire from any difficulty you are in. Rather, you’ll look inwards and get your self out while preserving your credit history the best it is possible to. Credit and debt counseling is actually for people that are “ok” with throwing their credit score within the trash for them to have “another person” handle their repayments for all of them (being that they are struggling to manage them by themselves). And again, so far as negotiating rates of interest, you can certainly do equally as good as all of them or much better. If you do not trust in me simply call many creditors and straight out let them know your circumstances. You will rapidly get a hold of you don’t need to be afraid of those. They simply would like to get compensated like the remainder people.

Jay Peters is the founder of customer Education Group which publishes the Credit techniques Bible (in print since 1994). For totally free Credit recommendations including “how to have your credit file at no cost” check out their website: http://www.TruthAboutCreditRepair.com

For news inquiries or interviews Jay is contacted at (928) 848-1400 or e-mail: JayPetersOnline@yahoo.com

Associated Credit Counseling Articles

Considering Consolidated Credit Counseling Service

My close friend Mark was one who always had a knack for spending even before his salary comes in. And this was a habit that eventually brought his financial ruin, something that almost ruined his life until he discovered consolidated credit counseling service. Just like so many other citizens out there today, Mark’s tendencies to spend a lot more than what he could afford left him deeply in debt complications, especially through his multiple credit cards. Once he breached the credit limits of his credit cards and was unable to obtain any more new cards due to his precarious financial position, only then did he stop and think of how to eliminate his debts. Fortunately it was not too late. As bad as his credit report was, he still had an opportunity to improve on it and eliminate his debts. After evaluating numerous debt settlement and elimination solutions, Mark decided to proceed with the tried-and-tested consolidated credit counseling service. Today Mark has managed to control his spending habits, and is on his way towards a debt-free future within the next three years once all his debts have been eliminated. All his credit card accounts have been consolidated under a single debt management plan, and are slowly being paid off on a monthly basis.

If you are interested in the fundamentals of consolidated credit counseling and how the service can help you overcome debt complications, read on! Many of us are struggling financially with the unpredictable economy condition, something that has prompted a lot of us to opt for credit or loans to help cope with the increasing financial needs and requirements that we have. Failure to manage these credit accounts would leave us struggling to maintain a credible credit score, something that would affect our chances to secure competitive loans for home or vehicle purchases in the future. And if you find that you are struggling to cope with the monthly repayment amounts of your credit accounts, you should probably seek professional assistance, one of which is credit counseling.

When you opt for consumer credit counseling through one of the firms that offer this service, you would be assigned with a personal financial counselor. The counselor would then take time to review and analyze your current and past financial condition, and evaluate several items such as your total debt, your credit accounts, your living expenses, as well as your total household income. Once your financial condition has been established, the counselor would then proceed to draw up a budget that would allow you to live within your income and help cut out any unnecessary expenditure.

The counselor would also generate a debt-elimination plan for you, and would usually get in touch with your lenders and creditors for debt negotiation purposes to garner lower interest rates on your behalf for your credit accounts. One of the most popular methods of debt elimination that is usually offered by credit counseling firms is the debt consolidation loan. Through this consolidated loan, you would successfully combine all your credit accounts under a single loan, and this would help you eliminate all your debts in a time-effective manner. In return you would not need to deal directly with your lenders anymore; instead you deal through your credit counseling firm that would make the payments to your creditors.

Credit counseling also helps you establish healthy financial habits that would help you become more careful with your finances in the future. The service also helps you get out of debt quickly and effectively, but only if you stick to your monthly payments to your credit counseling firm and do not default on them. Opting for credit counseling might show up on your credit report and affect your credit score slightly, but I guess it is better to take a slight hit now and eliminate your debts slowly but surely rather than be stuck with debt for years to come. And credit counseling firms do charge an upfront amount as their fees as well, so before you opt for one of these firms, you may confirm that you can afford it first.

If you are drowning in a myriad of debt accounts and are considering bankruptcy as an option, perhaps credit counseling would be the better option!

Hardship Repayment Plans & Credit Counseling for Lower Interest Rates

Hardship repayment plans and consumer credit counseling can both help to lower your monthly interest rates and credit card payments, while getting you out of debt much faster than just making the standard monthly minimum payments.

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Hardship payment plans are not offered by all creditors, where credit counseling agencies can work with most unsecured debt.
One you can do on your own and the other is through a non-profit counselor.

For more tips on how to reduce your monthly credit card bills, lower interest rates, and to pay off debt faster, visit: http://consumerrecoverynetwork.com/hardship-payment-plans

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Best Debt Relief Solution Options – An Overview

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Ask a Debt Collection, Debt Settlement, Credit Card or Credit Reporting Question – Get Help


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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.