Consumer Credit Counseling vs Debt Relief
Nowadays so many people suffer from debts.The main reason for such situation is they are able to get credit very easily and they fall into prey. You don't even have to go looking for it -- most people receive credit card solicitations in the mail. As a result, people are finding themselves buried in debt that they are having trouble paying off. If you have too many credit cards and/or your monthly payments are too high, you might require some help. Rather than filing for bankruptcy, a good first step is to work with either a counseling agency or debt relief company. In this article, we will explore Consumer Credit Counseling vs. debt relief companies.
Consumer Credit Counseling is a nonprofit organization that has offices all around the nation. When you make an appointment with your local office, you will need to take proof of all your debts and the contact information of your creditors with you. The counselor will also ask you to hand over your credit cards which they will cut in half. In my local CCC office, they have made wall art from the cut up credit cards of all their customers! The counselor will sit down with you and go over each debt. Be prepared to spend a few hours at your appointment. After that, they will offer you a monthly payment deal. You will pay CCC a designated amount each month, which they will disperse among your creditors.
Debt relief companies work in much the same way. The difference is that they are not nonprofit organizations and do seek to make a profit with their services. Also, they do not require you to cut up your credit cards. They also do not usually offer the personalized level of service and counseling that CCC does. This is not to say that a debt relief company cannot help you, they often can. If you do not have a Consumer Credit Counseling office in your area, you may have to turn to a debt relief agency.
When it comes to Consumer Credit Counseling vs debt relief agencies, CCC is the clear winner simply because of the level of service they offer and their nonprofit status. However, debt relief agencies often offer many benefits also. The point is, it is important to obtain some kind of help with your debts before you consider filing for bankruptcy. Bankruptcy can be devastating to your credit rating but luckily can be avoided.
Copyright 2007 Mike Roger - All Rights Reserved
| I.Coast debt relief possible in Q2: IMF ABIDJAN (Reuters) - Ivory Coast will not be able to achieve completion of an IMF-backed debt relief accord as it hopes in the first quarter of this year, but a deal is possible in the second quarter, the Fund's local official said on Thursday. "No, it is not possible," IMF Resident Representative Wayne Camard told Reuters in an interview when asked whether the West African country's cocoa sector ... | ||
Greek FinMin: ECB must be part of debt relief The European Central Bank and national central banks should be part of a debt relief deal with near-bankrupt Greece's private sector creditors ahead of a pressing deadline early next week, the Greek Finance ... | ||
Debt-relief talks restart in Greece, amid pressure to lower interest rate - Washington Post
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Race to fix Greek debt relief gathers pace Officials took the first steps Tuesday in a high-pressure bid to wrap up a massive debt relief deal for Greece within a week... | ||
Greek debt relief talks at 'crucial' stage Negotiations on a debt relief deal between Greece and its private creditors dragged on Wednesday, with both the government and the International Monetary Fund saying a deal was likely in a "matter of days.".. | ||
Greek FinMin: ECB Must Be Part of Debt Relief - ABC News
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Greece sees debt relief deal 'very soon,' but eurozone members press for lower . - Washington Post
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