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Consumer credit counseling can help people feeling overwhelmed by debt
By Angela Hawke on Aug 3rd, 2010
While debts may lead to consumers feeling as though they have no power to deal with their situations, there are options they could tap into.
In a recent piece for the Chicago Sun-Times, columnist Terry Savage noted that calling a consumer credit counseling agency could help when people are facing debts that have gotten out of control. These firms can provide a number of services, including budget management.
They can also help by establishing a debt management plan, which can assist a consumer in paying off their bills in a few years.
"They can even recommend bankruptcy attorneys as a last resort," Savage wrote.
While bankruptcy may be the final option for consumers, they should keep in mind that it will have a negative effect on their credit score for years to come. That's why trying to find alternative means for dealing with bills could be a more desirable approach.
Meanwhile, consumers who are having money problems should try and reduce their reliance on credit and pay off more than the minimum required by their card company.
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