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Consumer credit counseling can help with credit card debt
11/23/2009
If consumers find that they are having a hard time trying to pay off debt, one thing they may consider is consumer credit counseling.
A recent column by Harriet Johnson Brackey from Florida's Sun Sentinel newspaper noted that consumer credit counseling may be a good place to start when dealing with overwhelming credit card debt.
"They work with the credit card companies to cut your interest rate, eliminate late fees and work out a monthly payment that you can afford," the column noted.
Consumer credit counseling services can help a person set up a budget in order to try and reduce expenses. They may also put a person in a debt management plan.
A debt management plan works by having the consumer giving money to the credit counseling service, which will use the funds to pay off bills. Sometimes a consumer credit counseling service will be able to negotiate a lower rate on debts.
Johnson Brackey wrote that some people might consider using a debt settlement in order to deal with debt. However, debt settlement could land people in more trouble because creditors can still go after consumers through a lawsuit.
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