subject: Debt Relief Specialists - How to Find Legitimate Debt Relief Specialists Through Credit Counseling [print this page] Like any other specialist to look after your illness and disease you need a debt relief specialist as well. If the secured debt has taken a chronic form and is acute, rush for a cure. Credit counseling have proved to be a remedy for debt issues.
It would be interesting to understand what credit counseling means and how does it work. Credit counseling firms essentially started as source of information for customers to create and leverage awareness on credit card usage. Going forward they were glorified due to the fact that whoever wanted to declare bankruptcy had to attend a credit counseling program to understand the repercussions of bankruptcy. Basically it was to discourage people from filing bankruptcy and control the delinquent accounts.
However during recession, their business boomed and taking undue advantage of the situation several fraudulent companies emerged with no intention to help debtors but only make money. The typical traits of a scammed companies would be to avoid a sync of verbal and written promises and to force its customers to join the debt management program, which is generally paid. The federal trade commission and BBB lists ample of scammed companies, owing to illegal trade practice.
Try not to worsen your financial condition, going deeper into debt. Research enough before you sign a paid program with one of these firms.
* Typically a credit counseling would have certified professionals who would be able to brief you on credit and money management. Feel free to check their qualification and profile before they advise you on debt relief.
* They should make sure enough time is spent to understand your debt structure and complete economic condition. This gives them an overview based on which they can advise you on budget planning.
* However they can not force you to join any plan against your wish, or deny information about a program without any fee.
* Only when you think the debt cannot be handled merely with advices and information and needs further expertise, you can opt for their debt management program.
* Debt relief specialists work out a plan with your credit card companies to make the payment feasible for you. They try to eliminate as much hassles as possible, consolidate the monthly payments from multiple credit card into one single payment at reduced rate and amount.
This helps pay off your debt in 4-5 years instead of struggling with it for 20 years or so.
For the millions of Americans who are at least $10 k in unsecured debt, it would be financially prudent to consider the debt settlement option. Creditors are very worried about collecting their debts and legitimate debt settlement companies know exactly what methods to use to get your creditors to agree to eliminate a certain percentage of your unsecured debt.
Debt Relief Specialists - How to Find Legitimate Debt Relief Specialists Through Credit Counseling
