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Credit Counseling

If credit card debt have become unmanageable and you are searching for debt relief, then a credit counseling debt management program may provide much-needed relief from unsecured debt. The need of consumer credit counseling has increased over the past several years, due in large part to the wide-spread accessibility of easy credit via high interest revolving credit card offers. The eager acceptance of these offers by large numbers of consumers can lead to high interest rate charges, out of control balances and the overwhelming need for effective debt relief.

Credit Counseling - Debt Relief

For those faced with unmanageable credit card debt and in need of lower interest rates, reduced payments, and removal of penalties and late fees, a workable debt relief plan administered by a credit counseling agency may be the debt relief option you need for getting back on track with your finances. A debt management plan (DMP) through a credit counseling agency can help consumers consolidate multiple high interest rate debts into a single, more affordable, payment each month. To get a better idea of how debt relief can help and the amount of money you could save through debt relief, answer a few easy online questions and receive your free debt relief savings analysis.

Types of Credit Counseling Services

The relentless marketing of easy-credit-offers, so common in the recent past have largely been put to rest by the bank and credit crisis, not just here in New York but nationwide. Unfortunately for many, the damage is done. The silver lining is that through a combination of counseling efforts, consumers nationwide may be able to benefit from the efforts of credit counseling services, non-profit credit counseling and Christian credit counseling services. Each has become a resource to help consumers reduce, pay-off, or consolidate debt, making it more manageable and better controlled.

No matter the type of credit counseling agency chosen, it's important to know that the fundamental approach and services offered are quite similar. Top-on-the-list of things to know about credit counseling services - for both debt reduction and debt consolidation - is what the actual benefits of the debt management plan can be. As soon as you know how much money you could potentially save using a debt management plan (DMP), and the amount of time your debt reduction program will take to complete, you'll have vital information you need and you'll be better able to choose a credit counseling company that treats you with respect - one with a positive Better Business Bureau (BBB) rating, and a performance history of serving debt relief clients successfully.

Consolidating Debt with Credit Counseling

The approach credit counseling agencies in New York State take to help consumers reduce debt, pay-off, or consolidate their debt, quickly and efficiently, is normally very straightforward. It begins with a free debt relief consultation, a consumer analysis by phone or face-to-face. During the first meeting, your credit counselor will inquire about specific unsecured debts, asking for a list of credit cards, retail store cards, gasoline cards, doctor and health-care bills, utility company bills, cellular phone bills - essentially any debt not secured by real property which typically means a home, other real estate and motor vehicles. As soon as the credit counselor gains full understanding of the individual's credit situation, specific debt, and monthly income available to meet those obligations, the counselor will have vital information needed to assess, in consultation with the consumer, how much they can afford each month to apply to a debt management plan (DMP).

Finally, with all the vital debt and creditor info in place, the credit counselor can make proposals, one-by-one to each creditor on the consumer's behalf. All creditors will then have the options of accepting, or rejecting, requests to lower interest rates, waive fees, eliminate penalties, and reduce monthly payment requirements, and possibly extend payment terms. Those creditors who agree to accept the above proposals will then become part of the debt management plan for the consumer. Those creditors who reject the plan initially may agree, in time, to allow the debt owed to them to become part of the program.

Getting Out of Debt Faster

Consumers who want to benefit from credit counseling debt management plans are normally required to stop using credit cards that are part of the program, and avoid taking on new credit cards. Such action is an important step in hopefully getting those individuals out of debt faster while setting-up a disciplined monthly program that is both proven and predictable. The Credit counseling agency's goal is to secure lower interest rates for debt management plan participants allowing more of the monthly payment applied to reducing and eliminating debt. Sadly, a significant amount of debtors who choose to make minimum payments to their creditors could end up paying off high-interest credit card debt for years, sometimes resulting in payoff periods that can take 10 to 20 years. Utilizing a proven debt management plan, and following it faithfully, can help a consumer become debt free, typically in three to five years. For individuals looking to pay off debts at an accelerated rate via more favorable interest rates and terms, a debt management plan, or debt consolidation, may be the preferred debt relief solution.

Freedom from Debt

The end result for many who choose debt counseling or consolidation is fairly evident: Getting out of debt or paying-off debt at a faster rate can be accomplished ethically and efficiently by using timely and straight-forward methods. A well-executed debt management plan may accomplish exactly that. If you're seeking a plan that will allow you to pay back what you owe, at a lower interest rate and at a speed that comfortably and conveniently meets your ability to pay, then a debt management plan could be a great option for you.

If this is a debt relief option you'd like to find out more about, receive your free debt relief analysis and a no-obligation quote to see how much you might save.