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Some turn to consumer credit counseling, debt consolidation to help pay off bills
By Edith Barlow on Mar 6th, 2010
A recent survey shows that some consumers said they went to a credit counseling or debt consolidation service in order to find help with what they owe.
According to market-research firm Mintel Comperemedia, 37 percent of respondents to a poll said they tried to find help for their debt in the past two years. Of those, more than one-third went to either a credit counseling or debt consolidation service.
A consumer credit counseling service may do a number of things for people who are looking to try and pay off debt. It may look at a person's income and bills and set up a budget based on them. They may also offer debt consolidation as a solution, which can make debt cheaper to pay off in the long run.
When it comes to why they were looking for help, the survey from Mintel showed that 50 percent of respondents said they did so because of credit card debt, while 36 percent sought aid for mortgage loans.
Overall, 36 percent of survey respondents said they had trouble paying for their bills in the last two years.
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