What are the negative aspects of debt counseling services?
I saw no negative side to using a credit counseling service. We went through http://www.debtguru.com . They helped me every step of the way to becoming debt free. I thought it was impossible to catch up on all my bills but they worked with me and now I am completely DEBT FREE!
Its main downsides as a debt relief solution is that it may not adequately lower your monthly payment. Sometimes your payment may even be higher than what youre currently paying in minimums. Another negative is that if you miss even one payment, the credit card companies can jack your interest back up to the default rate, which can be as high as 32 percent. In light of how high the monthly payment can be, this can be problematic. Another downside of credit counseling is that a creditor can refuse to participate altogether. When this happens, you find out after youve made payments to the debt management company, so theyll consider the debt past due, charging you late fees and higher interest (assuming you werent already delinquent). If you would like to learn more about which bankruptcy alternative is appropriate for you, please feel free to call (877) 274-1260 or fill out a form and well contact you as soon as possible.
