How Do You Reduce Debt–Credit Counseling?
If you have high debts that you do not reasonably believe you can pay off, you may seek credit counseling to help you better manage your debt. Credit counselors will negotiate with your creditors in an attempt to lower your interest rates and balances, and create a repayment plan that fits within your budget. In this way, credit counseling can reduce the total amount you owe, and teach you valuable debt management skills for the future. Make a list of all of your debts. Compile recent financial statements from your creditors as well, if you have them. Your statements will list the amount you owe on your debts, your current interest rate, and any recent fees you have accrued. A credit counselor needs as much information as possible about your debts to be able to help you. Locate a reputable credit counseling agency. Debt settlement companies have been known to masquerade as credit counseling services to attract customers. Debt settlement companies often charge high fees and do little to
