Credit Debt Counseling ? Tips to Eliminate Credit Card Debt ...

We?re hearing a lot about debt consolidation these days, because the state of the economy has entered a recession that is affecting millions, not only in America, but around the world. You?ve probably seen the advertisements on TV or heard them on radio and wondered what they are all about. Perhaps you?ve asked yourself if they could help in your particular situation. Consumers who are in a bind because of layoffs, medical bills, or the general economic downturn are seeking assistance from these companies to help them get out from under their crushing debt burdens, and eliminate credit card debt.

Many people who owe more than they can pay on a monthly basis are finding these debt consolidation programs to be a reasonable alternative to bankruptcy. Although bankruptcy is a valid option, and is sometimes the last and only hope for many people in dire financial straits, there are options other than starting over again from scratch.

Debt consolidators or settlement companies help you by combining all of your various debt payments into one credit account so that you are making a single payment every month. Some of them will also call and talk with your creditors to get them to lower your interest rates, which have probably skyrocketed if you are behind on payments, or to drop the late fees from your account.

This will result in lowering the overall total dollar amount that you owe, making it much easier to pay the credit card companies; whether you?re making one lump sum payment, or stretching the payments out, month to month. The way it works is that you bring in your paperwork showing your income and documenting your debts. You?ll also fill out an application, which states your financial situation, and the company?s representative will review it carefully.

They also often offer free credit debt counseling. Afterwards, they determine the options that are available for you. A representative will then explain what payment plans they can offer, and which program is best suited to your financial situation, based on the information you have given. There is a charge for these services. The costs usually include a monthly fee and an interest charge. These costs are rolled into the payment plan so there is no separate charge up front to worry about. You can set things up so that the single payment is automatically drafted out of your account on a certain day each month.

This is an added convenience for you, your creditors, and the settlement company. Some debt consolidators also offer credit counseling, but they are really different services. There are non-profit organizations that also offer credit counseling. Credit counselors help you make better decisions regarding spending and credit. They guide you in evaluating credit offers and the associated interest rates. The idea is to help you get your spending back on track and to avoid credit problems in the future. Consumers who are looking for solid, credible help with their debt problems will find that a settlement company offers a sensible solution.

Source: http://www.akwatik.com/credit-debt-counseling-tips-to-eliminate-credit-card-debt/

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