Credit counseling services work to get you back on your feet. A credit counseling service can help you consolidate your debt and give you other debt consolidation solutions to work with. You can get free debt consolidation help (link to free debt consolidation help) and talk to a credit counseling specialist. Many people realize they may not need to get into a debt consolidation program after talking to a credit counseling expert. Credit counseling professionals are available to help you and give you advice on what your best course of action should be. But yes, a credit counseling expert can help you consolidate debt. That is their specialty and the trained staff that works at this credit counseling center is very good at their job.

Why Credit Counseling?

If you aren't disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counseling service. Your creditors may be willing to accept reduced payments if you enter a debt repayment plan with a reputable credit counseling organization. In these plans, you deposit money each month with the credit counseling service. Your deposits are used to pay your creditors according to a payment schedule developed by the counselor at the credit counseling service. As part of the repayment plan, you may have to agree not to apply for-or use-any additional credit while you're participating in the program designated by the credit counseling service.

A successful repayment plan requires you to make regular, timely payments, and could take 48 months or longer to complete. Ask the credit counseling service for an estimate of the time it will take to complete the plan. Some credit counseling services charge little or nothing for managing the plan; others charge a monthly fee that could add up to a significant charge over time. Some credit counseling services are funded, in part, by contributions from creditors.

While a debt repayment plan can eliminate much of the stress that comes from dealing with creditors and overdue bills, it does not mean you can forget about your debts. You still are responsible for paying any creditors whose debts are not included in the plan. You are responsible for reviewing monthly statements from your creditors to make sure your payments have been received. If your repayment plan depends on your creditors agreeing to lower or eliminate interest and finance charges, or waive late fees, you are responsible for making sure these concessions are reflected on your statements.

A debt repayment plan does not erase your credit history. Under the Fair Credit Reporting Act, accurate information about your accounts can stay on your credit report for up to seven years. In addition, your creditors will continue to report information about accounts that are handled through a debt repayment plan. For example, creditors may report that an account is in financial counseling, that payments may have been late or missed altogether, or that there are write-offs or other concessions. A demonstrated pattern of timely payments will help you obtain credit in the future.

A credit counselor can give you free expert advice on how to get debt relief and get out of debt with a free debt consolidation analysis.

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