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After getting a report, consumer credit counseling can help deal with debt
By Angela Hawke on Apr 18th, 2010
The first place people should start when they face a situation where they are having trouble paying off debt may be their credit report.
According to Bankrate.com columnist Steve Bucci, a credit report can help consumers with debt in a few ways. First of all, it can show a borrower whether there are any errors in their financial history, which can lead to a lower credit score.
A credit report can also tell someone exactly how much they owe to lenders. With that information, consumers can start to develop a plan to pay off debt.
"If you have enough money to pay an account in full, I'd start with that account," Bucci wrote in response to a letter from a reader.
If consumers don't have access to enough cash to pay off a debt completely, Bucci suggested they consider consumer credit counseling. He said this is an option for those who have an income and have the ability to make monthly payments.
Other experts have said consumer credit counseling can provide a number of advantages. Through analyzing a person's debt and income, these firms can set up a budget that makes it more feasible to pay off debt. They can also help consumers reduce the amount of interest they end up paying on credit card debt.
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