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Consumer credit counseling may be option for dealing with credit card debt
11/17/2009
People who are finding it impossible to deal with their debts may end up needing to consult with a consumer credit counseling agency.
That's the advice of personal finance expert Liz Pulliam Weston, who wrote a column recently for the Los Angeles Times. Many card companies, in order to make up for impending laws for credit cards, are raising rates and fees on their customers.
The result is that many people won't be able to pay off debt, which may lead them to considering consumer credit counseling services.
However, there are things people can do before they get to that point. Though it is important to have a certain amount in emergency savings, some consumers may consider taking that money and paying their debts
"People who don't pay off their credit card debt with their savings when they can are choosing to bind themselves to companies that have made it quite clear they don't care about their customers' financial well-being," Pulliam Weston wrote.
In fact, statistics indicate that more people are trying to get out of credit card debt. The Federal Reserve reported recently that revolving credit dropped at an annual rate of 13.3 percent. Overall, consumer credit fell by an annual rate of 7.2 percent.
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