subject: Debt Counselling Services – Are They Right for You? [print this page] Debt counselling services might be something that helps you get on the right financial track. Learn more about how they can help you deal with your creditors, relieve financial pressure, and make a plan to forge ahead:
Deal With Your Creditors
Life is dandy when you get a new credit account. The creditors are falling over themselves to help you. You're a new client and they want your business. But if you stop making payments, those creditors go from wanting to be a best mate to being a nightmare. They start calling, sending letters; some creditors even turn up at your doorstep to demand payment. Debt counselling services can often handle your creditors for you.
In some cases, the creditors will stop calling you --- provided you honour the agreement that is made. This can be a huge relief if you're financially overwhelmed due to circumstances that feel beyond your level of control.
Relieve Financial Pressure
There are a number of reasons why people find themselves in need of debt counselling services. Whether it's due to circumstances, poor decisions, or a combination of the two, the pressure and stress associated with mounting debts can rob you of sleep, plague every waking moment, and can even impact your health and well-being. Debt counselling services will often arrange a new payment schedule for you, which ensures each creditor, receives a monthly payment. In most cases, you make one payment a month to your counsellor and they disburse it among your creditors. This can alleviate pressure and it can also help you have access to better cash flow during difficult situations.
Make a Plan
Credit counselling isn't always ideal in terms of getting debts paid off fast. In most cases, the debts are stretched out over a longer period of time in order to facilitate smaller payments. Some creditors will give you a break on the interest rate but some won't budge. But making a plan can help you move ahead confident that you're taking control of your finances. A payment arrangement gives you a plan to move forward with, stops the creditors from taking further action (provided they've agreed to the arrangements), and helps relieve the overwhelming feeling that comes with being unable to cope with your debt load. Through debt counselling services, you can, in effect, stop the bleeding so that you can catch your breath and move forward confidently. Consultations should always be free and present you with all your options.
