Have You Tried Consumer Credit Counseling?

I have met with a Consumer Credit Counselor before and basically was told I'd be better off working with my creditors myself. By working with my creditors I was able to start debt reduction and balance liquidation programs or (BLP), which ended up working out to my benefit as the rates the banks offered me were lower than what Consumer Credit Counseling could do for me. In many cases I received a zero percent interest rate.

If you are unable to work with your creditors than Consumer Credit Counseling may be the way to go. One thing that Consumer Credit Counseling Service will not teach you though is to manage your money. Lack of money management is how we got into this mess in the first place.

The best option for getting your debt paid off is to get a second job and put the extra money towards your debt. If you are not able to work with your credit card companies to get your interest rates down, try telling them you are going to transfer your balances to another card with a better interest rate. This may work, but I am not sure if I would actually apply for another card with another bank. Having more credit may just make matters worse.

Here are three other things I have heard about credit counseling:

1. It shows on your credit report as if you filed bankruptcy.
2. They won't address the fact that you spend too much money.
3. They do a great job if you have tons of credit card debt.

I suggest trying to do it yourself first. If it just isn't possible then see what Consumer Credit Counseling can do for you. You have nothing to lose but your debt.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

We Also Suggest:

• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?

Now What Do I Do? 

• Follow my journey to pay off debt and subscribe by email.
• Subscribe in a Reader (RSS)
• Follow us on Twitter
• Follow us on Blogger