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They have also made me feel better about my situation in the sense that I haven't done anything wrong and that this can be fixed. They have taken the pressure off me and been great in helping to resolve my financial problems. Thank You. - MarryAnn B.

Looking for accurate and honest credit counseling information? Get the facts from this credit card and debt consolidation article below.

Credit Counseling Information—What You Should Know About Consumer Credit Counseling Services
Consumer Credit Counseling services are viewed by many as a favorable alternative to bankruptcy. Most of them promise to get consumers completely out of debt in 5 years or less. These programs can be helpful if the consumer can make the monthly payment on time and if the credit counseling company follows through with the promises it makes to the consumer.

If you are considering signing up with a credit counseling service, there are a few things you should know. Whether or not they are a non-profit agency, many credit counseling services charge a substantial upfront fee that is not applied to the consumer's debts. This fee can be hundreds or even thousands of dollars. Additionally, credit counseling services usually charge a monthly fee that is not applied to the consumer's debts.

Before signing up with a credit counseling service, read the contract thoroughly so you'll understand exactly how much the program will cost you. Also, it is a good idea to get the monthly payment amount in writing and to make sure that the payment is an amount you can afford. It doesn't matter if a credit counseling service gets your interest rate lowered and eliminates your fees if they charge you more for their service than you save. Also, note that credit counseling doesn't work the same way as debt consolidation.

If you are having difficulty coming up with your minimum monthly payments, then a credit counseling service may not be right for you. The monthly payments through credit counseling are usually higher because the goal is to get you out of debt at an accelerated rate.

A common complaint about credit counseling services is that some of them don't make the consumer's payments on time. This results not only in late fees but also results in a damaged credit rating. Most credit counseling companies report your enrollment with them to the credit bureaus, which is also bad for your credit rating.

Many credit counseling services are actually working more for your creditors than for you. These companies get a commission from your creditors, plus they charge you a monthly fee.

It is advisable to shop around for the best program if you believe that a credit counseling service could help you. Beware of companies that won't allow you to review the contract and won't give you the figures in writing. Also, beware of high pressure sales tactics. If you feel you are being pressured, that company is not the right one. Check the Better Business Bureau to see if a lot of complaints have been made against the company you are considering.

Taken from: http://www.woodcox.net 

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