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Consumer credit counseling an option for those who are having a hard time paying bills
12/29/2009
With the new year upon consumers, one thing people may focus on is trying to pay off debt when the calendar clicks into 2010.
However, in a recent piece for the Chicago Sun-Times, columnist Terry Savage noted that some consumers may find that their bills could prove to be too much for them to handle alone. In order to determine this, Savage said consumers should gather their bills together and figure out how much they owe. Then, they should see what their monthly minimum payments are.
"This task doesn't take a computer or any math skills," Savage wrote. "Just stack the bills on the kitchen table and go to work."
After those steps, consumers should figure out what they absolutely have to allocate money toward every month, including mortgage payments, rent or food. Having done so, Savage recommended that consumers consider visiting a consumer credit counseling agency, which may be able to help them budget their bills in a better way. Though she recommended a particular organization, there are a variety of others that offer such services.
In addition to budgeting, a counseling agency might put consumers into a debt management plan, which could lower the amount of interest they pay for the credit card debt. Such a plan may also make payments easier to make through consolidating bills into one loan.
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