Credit Counseling

Credit Counseling

If you are struggling to make your payments each month, and require debt relief, credit counseling may be a great option for you.

A credit counselor can set up a more affordable payment plan, and help to lower your interest rates. Note that credit counseling does not reduce the amount of debt you owe. Rather, a credit counselor can create an affordable repayment plan and offer lower interest levels which may have been pre-negotiated with your creditors. Through consumer credit counseling, you can also enroll, for a fee, in a debt management plan (DMP).

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A DMP is an organized way to pay down your outstanding debt through monthly payments to your credit counseling agency, that may then distribute these money to your creditors. This kind of is unlike debt quality because your debts are not settled for a smaller amount and every month plan payments could be more than your current minimum amount payments.

This plan could help protect you from creditor collection activities and could prevent you from becoming delinquent. This could be a great option for you if you can afford your monthly repayments, have lower debt quantities, and/or are current on at least one credit card.