If you are suffering from too much debt, you really should consider consumer credit counseling. Be careful as there many unscrupulous companies out there that are only looking to charge you exorbitant fees, so make sure to read the fine print, before you sign up for any services.
If you have too much debt and you know it, you probably want to do something about it. Unless you plan on filing for bankruptcy, there are two options for you: debt consolidation and credit counseling.
Most people think these are the same thing but they aren't, although many people continue to use the terms interchangeably. Credit counseling is designed to help people reduce their monthly payments and interest rates, avoid repossessions and foreclosures, and pay back their debt over time. It is usually for people who are already in trouble and who see that they could do better by having their payments or interest rate reduced.
They don't want to file bankruptcy and they don't want to damage their credit any more than they already have. Most credit counseling companies do not make you pay anything for their services, but you do have to have income. There's no point in getting help with lower interest rates and payments if you're still not going to be able to pay them. If you have absolutely no means to pay back your debt at all, you might have to look at bankruptcy as your only option, but if you still have a job and some income, credit counseling can help get you back on the right track.
If you liked this, check out Avoid Bankruptcy articles at the Bankruptcy Lawyer Directory. Information is power, so stay informed to make sure you make the right decision for your situation.
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