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credit counseling is a very common form of online debt consolidation. It is also known as credit card consolidation. Currently rising interest rates and mounting credit card debt is prompting many consumers to look for ways to consolidate their credit card bills and so credit card counseling services has gained recognition among people.
Some people have been wondering what credit counseling is and how it can work for you in terms of getting yourself out of credit card debt. Credit counseling itself is a creation that was funded by the credit card industry believe it or not. They did this because they needed to come up with a solid way of getting paid by the people that were unable to pay down all of their credit card debt. Rather than the hassle of sending lawyers and collection agencies to people in order to get their money, they invented this system for people to be able to still get them paid. At the end they got all of what they owed from people plus the interest of the payments. It was something that had actually made them a lot more money then they could believe.
deleted NO ADVERTISING! Frogpatch as a credit counseling company will attempt to get you a lower interest rate on your credit cards in order to coax you into paying them down. More often, it will have a relationship already with major creditors. You can usually expect to pay back your entire balance on the debt that you owe and anywhere between six and twelve percent of the interest. This is about half of what your normal interest would be and will end up paying down all of your debt anywhere between two years and eight years from the point of which you began it. You would be paying off everything you owe plus the interest that has built up on it over a period of time. This is an easy way of making only a single payment each month and having to pay back everything you owe to the companies. The results of consolidation are positive simply because it's easier to manage and allow you pay less than what you owe and consequently improve your credit score.
Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card debt consolidation loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors.
Credit card consolidation loan can be further categorised as Student and Military Credit Card debt consolidation loans. Consolidating student credit card debt can be of great help to students for the reason that instead of having to send out four monthly payments to four different lenders on four different dates, you send one payment, to one lender on one date by taking one lower interest rate loan that would allow you only one monthly payment. And another is Military credit consolidation loan program which is especially for the personnels in army. It allows them to make monthly payments in a timely manner and so as to take advantage of having an easy budget. Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
consumer credit counseling program and christian credit counseling are parts of credit counseling. In a Consumer credit counseling plan a credit counselor will discuss your financial situation with you. All consumer credit counselors ask for three basic items for your initial consultation. Firstly, a list of all of your current bills, secondly recent statements from your creditors and lastly check stub or other form of income verification. They help you sort out your financial woes long term and not just to offer you a quick fix to the problem. They will discuss your overall financial picture including where you are now financially and will also analyze how it is you got to this point.
Many of us are influenced by words that remind us of security, safety, peace, etc. One of these words is Christian. It is easy to insert this term into the title of a company that specializes in debt solution, debt consolidation, credit counseling, or debt elimination programs. But the services provided are the same as its meaning suggest. It means you will feel safe and secured after applying for this program. Proving that a credit counseling company is Christian is very difficult. In short, Christian Credit Counseling works the same way as a debt consolidation company. You need to give records of all of your debts, supply your income records and then they contact your creditors and make arrangements for regular reduced payments, using the money from your wages, until the debt is paid off.
There are also non profit credit counseling agencies. But there's nothing like non-profit. Both profit and non profit credit counseling agency’s work in the same way. They both spend money on advertising and salaries such as for their employees so it still very much is a business to both of them. Non profit in itself does not mean they are honest and good people either. So for either profit or non-profit agency you need to take a look at the better business bureau records for the company; you should be able to get a decent indication on whether or not the company is a good one. Both the companies charge you set of fees. Some credit counseling companies make mandatory to have a very steady income to pay off your debts. So it’s advisable to check terms and conditions when you are dealing with any other credit counseling agency whether profit or non-profit.




Advertising no matter how subtle is not permitted. Do not try to slip that in again!

Sub: #1 posted on Mon, 07/14/2008 - 21:57

Frogpatch Frogpatch
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OP you are acting like a spammer and will desist from advertising or admin will remove you for good.

Sub: #2 posted on Mon, 07/14/2008 - 23:27

cajunbulldog cajunbulldog
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