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Top 10 Reasons Debt Counseling Helps Consumers

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Debt counseling services can take many forms, but all of it is intended to help consumers. Whether a person is feeling overwhelmed by numerous credit card bills, having trouble making monthly payments, or considering bankruptcy, debt counseling can help him get back on track.

  1. Debt counselors are professionals trained in a variety of financial matters. They can offer advice as consumers tackle debt, no matter what kind of loans or credit cards are held.
  2. Debt counselors can help consumers negotiate with credit card lenders to lower interest rates, eliminate annual fees, and reduce other charges to help them pay off balances more quickly.
  3. A debt counselor can work one-on-one with a consumer to set up a budget based on the person's monthly income and expenses.
  4. As a person works to pay off debts, a debt counseling agency can help pinpoint areas where monthly expenses can be reduced or eliminated entirely. The money saved can be used to create an emergency fund, pay more on credit cards or loans, or added to a savings account.
  5. Debt counselors can give consumers tips for maintaining or rebuilding their credit scores. No matter how significantly the person's debt load has impacted his credit report, debt counselors can help turn things around.
  6. A debt counselor may be able to offer suggestions for dealing with credit card representatives or collection agencies when they telephone.
  7. A debt counselor may also be able to help a consumer draft letters to lenders as they negotiate for better re-payment terms.
  8. Debt counselors often have an "insider's view" of debt collection and management practices which help them suggest actions that consumers may not consider on their own.
  9. If a person decides to declare bankruptcy, the debt counseling agency can help guide him through the process and may be able to recommend bankruptcy lawyers in the area.
  10. Debt counselors also provide encouragement and a 'listening ear' as a person works toward eliminating debt and modifying spending habits. Having someone who is willing to listen, someone who understands the situation, can be very helpful, indeed.

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