Credit Counseling Service

Posted By: Dr. Frugal in Credit on 08/07/2007 at 06:50:18

Nonprofit consumer credit-counseling agencies may consolidate your debts into a single, manageable monthly bill. You pay the agency each month and they distribute the money to your creditors. This type of arrangement is not a consolidation loan, but it has its benefits because creditors will often accept lower payments if you're working with a reputable credit-counseling agency. Services may be free or provided for a very low fee between $10-$15/month.

Counselors are trained in helping consumers get out of debt and will work with you to get late fees waived and interest rates reduced. You may have to agree not to use your credit or apply for new credit while participating in their debt-repayment program though.

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