In years past, wages have failed to keep up with higher costs of living. The recent financial crisis and downturn of the economy left many people unemployed for an extended period of time. With this in mind it is of little surprise that personal debt in the United States has skyrocketed to levels never before seen. The process of paying down this debt can seem utterly overwhelming for many, and the process of even beginning to start to pay down this debt can seem insurmountable. Fortunately, there are options that you can take to begin the process of recovering from a financial disaster. Credit counseling services from an accredited non-profit agency can help.
Credit counseling is a regulated industry that helps the growing number of people who have significant debt that they need to pay off. The credit counselors who work for these nonprofit agencies have extensive financial knowledge, training, and real-world experience; their jobs allow them to see the effect that debt has on people. This experience gives them the ability to help educate the consumer on budgeting principles and ways to avoid incurring any more debt. The skills they teach can help you avoid having an even greater debt obligation to take care of in the future.
The real benefit that these agencies provide for many consumers, however, is their ability to transform your multiple credit card accounts that are full of debt into one manageable monthly payment through a debt management program. By taking responsibility for the disbursement of money on your accounts and by negotiating with your creditors, they can usually help stop collection calls, get rid of most creditor fees, and deal with your creditors for you. These nonprofit debt consolidation agencies can also substantially reduce your interest rates in most cases, and allow you to pay off your debt in a shorter period of time.
For those consumers who have incurred a higher level of debt than they can reasonably be expected to pay off by themselves in just a few years, these debt management services can provide relief. Excessive debt is an albatross that makes it difficult to plan for the future. The interest that accumulates can be overwhelming, and unfortunately it’s easier than ever before to get into debt trouble. By researching “free debt consolidation” or “nonprofit credit counseling services” and gathering as much information as possible, you can begin your journey to recovering your financial health and start looking forward to the future again.
Nonprofit debt consolidation agencies and for-profit debt settlement companies are very different from one another. Please be wary of debt settlement companies that offer total debt elimination in a few months. You didn’t get into debt overnight, and you definitely can’t get out of debt overnight. Debt settlement has many drawbacks, and also has the potential to worsen your current situation. Ask a credit counseling agency questions about debt consolidation, debt settlement, and debt management programs. They are there to help you in your time of need, so take advantage of their free services.
Lauralynn Schueckler is the Online Marketing Specialist at Advantage Credit Counseling Service. She is the author for Advantage CCS’s Blog called Dollars & Sense. Advantage Credit Counseling Service is a member of the National Foundation for Credit Counseling. Contact Advantage Credit Counseling at 866.699.2227, or visit them online at www.advantageccs.org.