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Debt Consolidation Counseling
With all the warnings about fraud and scams, who can you trust to help you understand your finances and begin the process of debt consolidation? Yes, there is a national group that oversees credit counselors. It is the National Foundation for Credit Counseling. They don't directly provide counseling or debt consolidation. Instead, they are an umbrella organization to help you find someone to help you. Most of their members provide services, like debt consolidation counseling, at little or no charge.
Okay, so how do their workers get paid? Your creditors give them a fee for helping you. Why? Basically, if you go into bankruptcy, your credit card companies are last in line. By helping out credit counselors with debt consolidation counseling, your credit card company helps you avoid bankruptcy. Also, Debt Management Plans, (an extreme form of debt consolidation) for all their flaws, do ensure that the creditor gets paid. Since your creditors want to get paid more than see you suffer, they sponsor these debt consolidation counseling programs.
What kind of debt consolidation counseling can you get? Well, first, they help you sort out your situation. This seems simple, but the insight that they provide is enough that a third of their clients sort out their debt on their own. Sometimes you just need a strategy for paying off bills and a method of spending.
In an ideal world, you could stop spending money. But you have to eat, the car won't start (again) and your little one is sick. So you need a way to deal with this without getting in worse. The discipline and guidance that these debt consolidation counselors provide can help you find a path out of debt.
To help keep you from getting back where you were, these debt consolidation counselors also offer financial education. No, this does not mean that you become a CPA. It is giving you the tools to tackle your problems.
If in severe debt with no other solution, the credit counselors do offer debt consolidation through a Debt Management Plan (DMP). A DMP should be the last resort after other forms of debt consolidation have failed. Yes, it can help you work through debt consolidation, but it red flags your credit report. All your creditors now know that you are having trouble. The effects don't last as long as bankruptcy, but if other solutions can be found, this would be better.
Of course, this is why you go to debt consolidation counseling. They look at your individual situation to determine what is best for you. But, if they get paid through DMP's, wouldn't that be their first choice? No, actually. They are evaluated by the umbrella group by how many people they can keep out of DMP's. If they steer you to a plan that is harmful to you, they lose their accreditation, i.e., they go out of business. So you can feel good that finding a credit counselor for debt consolidation counseling and financial training through the National Foundation for Credit Counseling will be safe.
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