Credit Counseling - Too Good to be True?

Most people today have debt of some kind, whether

it's in the form of credit cards, student loans, or home

mortgages. Large quantities of debt can be extremely

depressing and stressful to live with, especially if loss

of a job or a physical injury has made it impossible to

make full payments on time.

Many people feel like their caught in the trap of a vicious

cycle of late fees and increasing balances. When you're

desperate for a solution to your debt situation, it can be very

tempting to start to pay close attention to all those

advertisements on television that claim to be able to

consolidate or even eliminate your debt for pennies on the

dollar. But can these credit counseling advertisements really

deliver on this claim?

The truth is that there are legitimate credit counseling

services available for people who are completely at a loss as to

how to deal with their increasing debts, but it can be hard for

the average, inexperienced person to be able to tell the

legitimate services from the fraudulent ones. If you pick the

wrong service, you could be left with even less money than

you started out with and still be surrounded by

mountains of debt!

The original intention of credit counseling services was to act

as an intermediary for people who were simply spinning their

wheels, trying to pay back high debt amounts, with equally

high interest rates and late fees. These services would act on

behalf of the debtor to negotiate lower interest rates and

payment plans with the credit card companies or other

lending institutions. Unfortunately, a severe increase in the

number of people who have significant debt has greatly

expanded the potential market for so-called counseling

services, and many small-time, fly by night companies have

sprung up to take advantage of it.

If you're interested in using a credit counseling service, but

want to make sure you hang on to what little money you have

left, you should keep a couple of simple guidelines in mind.

First, beware of all companies that ask you for a lump sum

payment up front in order to initiate negotiations on your

behalf. These companies will more than likely put this fat fee

right in their pockets and then disappear before you've

realized what happened. One other thing to keep in mind, is

that if you are simply unsatisfied with your interest rate, a

counseling service is not what you need.

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