First, a credit counselor will meet with you to review your situation. They need
to understand what you own, who you owe money to, and what you earn and spend
each month.
It may be possible for the counselor
to work with you and deal with your financial problems through budgeting and other
procedures you can do on your own.
Next, they will help
you with Credit
& Debt Counseling, which may include negotiating on your behalf directly with
your creditors. This is also known as Debt
Management Credit Counseling because they use a debt management plan to make
the plan directly with your creditors.
While it is illegal for a credit card company not to disclose all fees and
charges for their credit card, it is not illegal for
them to put it in small print.
As a consumer, before
you decide on credit counseling, be sure you understand what will happen at your
credit counseling sessions, and what you will be required to pay for the services.
Click
on the Credit Counseling menu on the left hand side of this page to read our articles
on Consumer Credit Counseling.
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