Question : Is it better to use a debt consolidation service or contact creditors directly?
I owe on 3 credit cards. One is starting to fall behind on the payments as its too much to pay. Which route is the way to go? Debt consolidation or contacting creditors & explaining that I was living beyond my means & now I am having trouble paying. On the one card I'm having trouble with (Chase), my monthly balance is $299 but I can afford to pay $180 a month to them. I've heard horror stories where people get the WORST treatment when they try to set up payment plans with credit card companies. Do most companies decline an offer of a payment arrangement? I can get back to more payments in January or February but now is hard.
- asked by Margene H
All Answers:
Answer #1
Credit card debt consolidation counselors areexperts with a good knowledge of debt management,budgeting and behavioral patterns of credit cardholders. These services are vital for thosestruggling to manage their credit card debts. Alsocalled credit counseling or debt counseling thecredit card debt consolidation counseling bringsimmediate relief to a credit card holder.A personseeking credit counseling can get it from twotypes of organizations. The professional orcommercial organizations, and the non-profitorganizations. As depicted by its name orcategorization, the commercial organizationscharge money for their credit counseling sessionsand consolidation help on the other hand thenon-profit organizations offer free of chargeservices. Just because the non-profitorganizations are free, it doesn't undermine theirquality of service. The persons associated withsuch organizations are thorough experts and havelived the trauma of being under credit card debtthemselves and hence bring their vital experienceto the credit card holder.When a person approachesa credit counseling agency, the first thing itwill do is to take stock of the situation and getvarious facts about the credit card debt. Thecredit counseling agency collects data about theincome, expenditure and spending habits. It willguide the credit card holder about budgetingbenefits and try to inculcate good financialhabits. Read more from:
http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
- answered by grierGRIER h
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