Debt Elimination Success Seminar
Consumer Credit Counseling Services I Hate Debt Homepage Section 1 A Look at Debt History of Debt Credit Card History Current State of Debt How You Got Into Debt Good Debt Bad Debt Business vs. Personal Debt Section 2 Dealing With Your Money The Two Step Plan Doing The Two-Step Step One Step Two The Paths Out of Debt 1- Create a Debt Payment Plan 2- Neogtiate Better Rates & Terms a.Consolidation Loans b.Consumer Credit Counseling Services 3- Negotiate Lump-Sum Settlements 4- Bankruptcy 5- The Easy Way 6- Win $1,000,000 Living Debt-Free Manage Your Money Make More Money Save Money SameMoney-MoreFun Stay Debt-Free You as a Business Section 3 Dealing With Your Creditors Alerts/Scams The Credit Industry Credit Industry The Fine Print The Secondary Debt Market The Debt Collection Process Original Creditor The Charge-Off Collection Agency Legal Problems Dirty Creditor Tricks Dealing with Debt Collectors Dealing with Debt Collectors Statute of Limitations Cease and Desist Letter Section 4 The Credit Report The Credit Report Credit Score Credit Repair Section 5 Dealing With Yourself The Critical Factor The Art of Prosperity The End of Failure Prosperity Coaching Section 6 Kids and Money Kids and Money How to Pay for College Section 7 Debt Information Bookstore Debt Facts Radio Show Resources About Us Privacy Policy Site Map If you find this information helpful I ask you to contribute to help me help more people. You can contribute through PayPal by clicking on this button Or you can mail in your contribution.	The I Hate Debt Two-Step Step Two * Path 2.2 - Consumer Credit Counseling Services A debt management program through a credit counseling agency, also know as a consumer credit counseling agency, is another viable path out of debt. They will help you get back on your feet if you've temporarily fallen and can't get up by yourself. They do this by negotiating a reduced interest rate on your credit cards. This will reduce the amount you have to pay every month and can help you through a financial crisis. They will also try to have late payment and over-the-limit fees forgiven. This generally takes place once you've established a six month track record of good payments. In order for a debt management program to work you must have sufficient income to pay your basic bills and to make sure you don’t miss a payment to the agency. The reason I consider this a debt consolidation plan is that you’ll be making one payment to the credit counseling agency. They will make the payments to your creditors. You’re consolidating your payments from several to one. If you are to stay in this type of program until all of your bills have been paid, you will pay the full amount that you owe plus the interest and your creditors will love you for paying your bill. You will have to close your account but you have to pay the bill in full plus interest but your interest rate will be lower, much lower. If you have been late on your payments and/or have had over-the-limit fees chances are you credit card companies have raised your interest rates of as high as they can. This means they’re probably anywhere from 28 % to 33%. Because you’re in a debt management program you’ll probably get the rate lowered considerably perhaps as low as the 6-8% range. This is not a promise but a reasonable expectation. Of course for an exact figure you’ll have to contact a credit counseling agency Paying off your bills by using a debt management program can take a while to accomplish. It’s not as fast as bankruptcy or debt negotiation but it can prove to be an emotionally stable path that gets steady results. Of course you, as I said before, have to have the steady income to make it through. There’s something else to consider and that’s your credit report. It’s likely that the fact that you’re using a consumer credit counseling agency will show up as a negative mark on your credit report. And it will stay there for ten years. As your accounts start to be paid-off your credit will start to improve and the longer you go the better your credit report will look. Some Consumer Credit Counseling Services companies may charge up-front and/or maintenance fees. However many do not. Some will also provide counseling before you enroll, to make sure that you really need the program, and continued counseling while you make your way to the end. You may get budgeting courses and information about creating and maintaining good credit. At their best Consumer Credit Counseling Services companies provide not only a good way out of debt but good ongoing support that will help you deal with the overall goal of getting and staying out of debt. Before you enroll in this type of program make sure it’s right for you. And then make sure your consumer credit counseling agency offers the services that are important to you. If you just want to turn the process over to someone and you don't care about paying the full amount plus interest, use this path. Be careful that you do not allow the ease of the program to allow you to get complacent. You must take control of your finances and live within your means for the program to work and to have the skills needed to stay out of debt when the program is over. The Inner Workings of Consumer Credit Counseling Services Consumer credit counseling agencies work independently of, but in co-operation with the credit card companies. They have been set-up as non-profit agencies but there are now some changes taking place in the industry that indicate this is changing. Just my opinion. Some people make a big deal out of the term non-profit. Personally I don’t care. I only care that the company that I choose to work with works for me the way I want them to. Non-profit agencies still have income, they pay their bills, and they pay their employees. They receive a tax status that allows them to receive tax breaks. If they don’t have enough income they go out of business. If their management is incompetent, they go out of business. If they provide the service that they advertise then I don’t care about their tax status. For me it’s neither a plus nor a minus. Just get me out of debt! Consumer Credit Counseling Services, since most are non-profit companies, get money from grants and they get money from the credit card companies based upon the amount of money they collect. There is not a set amount and credit card companies are not obligated to give anything, but generally they do and this generally provides the major part of a Consumer Credit Counseling Services funding. Just my opinion, again. I don’t care how they get paid, I just care that you understand how the program works, that it makes sense for you and that you have the ability to complete it if you start it. And since your company will have ongoing support and financial educational materials I’m going to insist, for your sake, that you use them. The Ultimate Solution No matter which path you take the ultimate solution to debt is found by taking control of your life, and your money. Just figuring out where the money goes isn't enough. You must have internal control over your emotions, thoughts, and actions. By doing this you will gain the ultimate control that will allow you to build the life of your dreams. The ultimate solution to debt lies in creating and living a debt-free and prosperous life. I invite you to start you inner journey to wealth by reading The Art of Prosperity.	Consumer Credit Counseling Services Read the transcripts from the "I Hate Debt" radio show about consumer credit counseling services. If you find this information helpful I ask you to contribute $1 (or more) to help me help more people. You can contribute using PayPal using this button Or you can mail in your contribution.

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