So who needs credit counselling? Someone whose debt lots are running high & who are thinking of filing bankruptcy, need counselling with their finances. Counselling services are supposed to negotiate together with your creditor for lower payments. Increasingly credit counselling services are seen as they are encouraged by the payment process that is called the ‘fair share’.
In case you can handle your finances well & pay your bills in time you are one amongst those who don’t need counselling. But in case you see your bills mounting & you are panic stricken with much debt to handle, you can seek help from a debt counselor. There's tell-tale signs to understand when you need credit counselling. They are:
• When all that you think you can afford to pay is the minimums on your credit.
• You have been late together with your payments on one or more of your bills.
• Collection agencies or creditors are pestering you to pay up.
• You have not been able to negotiate together with your creditors for an affordable payment plan.
If your debt is much to handle credit counselling might not help either. How much your creditor will compromise is also bound by limits. Your creditor may not be able to cut down your payments to a great limit. Make definite that you don’t stretch your payments for years. This will only lead to you paying up a much larger sum of money over a long number of years. You can seek help from Christian credit counselors in case you are looking for nonprofit credit counselling services.
What do after deciding on credit counselling?
When you have decided that you will opt for credit counselling, you must have definite things in mind:
• Find out in case you are paying more for counselling services then you may be tricked. A service charge is usually $10 set up fee.
• Look for an accreditation to the National Foundation for Credit Counselling or the Association of Independent Consumer Credit Counselling Agencies. Legitimate credit counselling firms are usually affiliated to these associations.
• Check if the money is going to the right place. Some companies put the first month’s payments as their fee in lieu of giving it to your creditor.
• If a company is making unrealistic promises then beware! A legitimate credit counselling service will help you pay back your money & negotiate a lower rate of interest & till you that this might have some affect on your credit document.
Only a legitimate credit counselor can offer you a lovely service. Others will promise lovely service but will ultimately take away your money & leave you more in debt. So select your debt counselors carefully.
In case you can handle your finances well & pay your bills in time you are one amongst those who don’t need counselling. But in case you see your bills mounting & you are panic stricken with much debt to handle, you can seek help from a debt counselor. There's tell-tale signs to understand when you need credit counselling. They are:
• When all that you think you can afford to pay is the minimums on your credit.
• You have been late together with your payments on one or more of your bills.
• Collection agencies or creditors are pestering you to pay up.
• You have not been able to negotiate together with your creditors for an affordable payment plan.
If your debt is much to handle credit counselling might not help either. How much your creditor will compromise is also bound by limits. Your creditor may not be able to cut down your payments to a great limit. Make definite that you don’t stretch your payments for years. This will only lead to you paying up a much larger sum of money over a long number of years. You can seek help from Christian credit counselors in case you are looking for nonprofit credit counselling services.
What do after deciding on credit counselling?
When you have decided that you will opt for credit counselling, you must have definite things in mind:
• Find out in case you are paying more for counselling services then you may be tricked. A service charge is usually $10 set up fee.
• Look for an accreditation to the National Foundation for Credit Counselling or the Association of Independent Consumer Credit Counselling Agencies. Legitimate credit counselling firms are usually affiliated to these associations.
• Check if the money is going to the right place. Some companies put the first month’s payments as their fee in lieu of giving it to your creditor.
• If a company is making unrealistic promises then beware! A legitimate credit counselling service will help you pay back your money & negotiate a lower rate of interest & till you that this might have some affect on your credit document.
Only a legitimate credit counselor can offer you a lovely service. Others will promise lovely service but will ultimately take away your money & leave you more in debt. So select your debt counselors carefully.
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