If your over your head in debt and can't afford your monthly payments, a certified credit counselor may be the right option for you if you have bad credit.
Unlike debt consolidation loans which are very hard to obtain with bad credit, a certified credit counselor can enroll you in a debt management plan with bad credit. This enrollment will allow them to negotiate with your creditors to lower your interest rates and monthly payments.
Every month, you will make one scheduled monthly payment to the debt management plan. Upon receipt of your payment, your money will be disbursed to each of your creditors for the agreed upon amounts. You will then continue to receive credit card statements as usual from your creditors.
While enrolled in the debt management program, your monthly payment amount remains the same. As each credit card gets paid off, the additional money is applied to the balances on the remaining credit cards and will help you pay off your overall debt faster and help you to restore your credit over time. Throughout your time on the program, your counselor will contact you to answer any questions that may arise about your financial situation.
One such company called Credit Counselors of America is a non profit consumer credit counseling service that is their to help consumers with their debt problems. They employ professional financial advisors that can help you with viable alternatives to more costly debt consolidation loans and provide you with professional counseling. They have an A+ rating with the Better Business Bureau and you can learn more about them by visiting their website at http://www.ccofamerica.com/ or calling their toll free number at (800)955-5765.
American Consumer Credit Counseling is another company that is a non profit credit counseling agency. Their services include credit counseling, debt consolidation and financial education. To learn more about them you can visit their website at http://www.consumercredit.com/ or call their toll free number at 1-800-769-3571 for a complimentary budget and debt consultation.
A third company called Debt Counseling Corp. is a non profit corporation that offers free services that include educational materials, seminars, individualized budget planning, assistance with identifying your short and long term financial goals, plus credit and debt counseling. They are licensed by the New York State Banking Department as well as by many other states. They can be reached toll free at (888)354-6332 or visit their On-line website at http://www.debtcounselingcorp.org/ for further information on the services they offer.
There are many non profit credit counselors and debt management programs available and may be a better choice than debt consolidation loans with bad credit to save you money in interest and lower your monthly payments.
The above information was written in good faith, but we can not guarantee accuracy. To report a inaccuracy or to add to our information on debt consolidation please email us at email@example.com.