Is consumer credit and debt counseling right for you? The pros and cons:
Is it time for you to think about getting some help with your finances? Take a step back and look at your personal finances. Many people find that the bills are piling up and the credit cards are multiplying, and they can barely keep up with the minimum monthly payments.
"Running into debt isn't so bad.
It's running into creditors that hurts.”
- Unknown |
How on earth can they ever get out from under the mountain of debt they’ve acquired?
If that sounds like you, then it’s possible that consumer credit and debt counseling can help alleviate some of the stress caused by this sort of situation. Consumer debt help is available.
However, it’s important to realize two things. One, that there are a lot of charlatans in the business; and two, that even the legitimate debt counseling service companies don’t do anything for you that you couldn’t ultimately do yourself at low cost.
A lot of consumer credit and debt counseling agencies make outrageous promises. As with most things in life, keep in mind that if it sounds too good to be true, it probably is. Quality debt management counseling organizations won't make any outlandish claims.
If a company claims it can erase your bad credit history, for instance, it’s shady at best. The only thing that can take bad credit off your credit report is the passage of time. You simply cannot change your past credit history unless the information being reported is wrong.
Also, if a company pays its employees on commission, or if it wants you to pay its fees up front, beware.
One consumer credit and debt counseling service that’s we believe is on the up-and-up is LSS Financial Counseling (www.cccs.org). They’re a non-profit organization, so their only aim is to help people begin paying off credit card debt.
If you find that you’re running out of ideas for credit card debt relief and would like some expert advice and counseling, LSS might be able to help. Information is free, so there’s no harm in looking into it.
Understand clearly that when it comes to eliminating debt, what we’re really talking about is self-control. It means spending your money thoughtfully and frugally, cutting back expenses as much as possible, and - above all - sticking to your budget.
Barring any events that are truly out of your control (long-term illness, accidents, layoffs, and so forth), most of your financial well-being is in your own hands. You might not need consumer credit and debt counseling; you might just need to create a good budget and have the benefit of using a well thought out plan to your advantage.
Of course, sticking to a budget can be difficult at first, especially in our modern world where it’s so easy and convenient to spend money on things we don’t really need. That’s where it’s helpful to have a spouse or partner sharing the burden. This is also where debt counselors might come in handy if you need a bit of oversight and outside support.
Rest assured, however, you do have the means to get yourself out of debt and live a prosperous debt free lifestyle if you choose to make the hard choices now to eliminate your debt once and for all.
"The man who never has money enough to pay his debts
has too much of something else."
- James H. Aughey |
|
Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
