How many people who are in credit card debt, truly understand the problems associated with it? The financial burden of high interest traps, penalties, fees, and endless minimum payments. Nobody questions all this until they are buried in debt with several creditors hounding them each month while they?re drowning in a sea of credit card interest and fees. If you are in credit card debt and are struggling to make your monthly minimum payments, a Credit Counseling Service may be an option worth looking into for lower monthly payments.
What is Credit Counseling Service (CCCS)? Credit Counseling Service, or CCCS, is a program that works in conjunction with creditors to try and create a repayment schedule that is affordable for the consumer.? And while your principal debt remains the same, they will often reduce interest rates and late fees.
Pros of Credit Counseling Service:
? Interest rates can be lowered, allowing more of your monthly payments to go toward the principal balance
? Certain fees can be eliminated
? You might see a moderate reduction in your monthly payment; this largely depends on your current interest rates and debt balances
? One payment each month is a lot easier to manage; creditor calls will stop within about 30 days
? You credit score isn?t damaged
Cons of Credit Counseling Service:
? CCCS was designed for smaller debt amounts and is ideally suited for debt amounts under $7,500
? Monthly payments are often higher, as the consumer must pay back 100% of the debt, plus interest, over a set time period, which is typically 4 to 5 years
? Your cards will be closed, and most creditors will indicate on your credit report that you are enrolled in a Debt Management Program. Though CCCS does not affect a consumer?s credit score directly, it is very hard on your overall credit profile. This includes restrictions on any borrowing while in the program and even beyond
In short, if you are in credit card debt, what is Credit Counseling Service to you? It?s a way to pay off your debt and get help for lower monthly payments. For people with larger debt balances, CCCS may not be able to provide enough relief. When payment relief is necessary while going through the process of getting out of debt, Debt Settlement is the better option. The program provides immediate cash relief, and most importantly, it offers a smart alternative to paying on your credit cards for the next 10, 15, 20 years or more, saving you thousands and even tens of thousands of dollars over the life of the cards.
As with any important life choice, research is key. Deciding on a trustworthy credit counseling service can mean the difference between success and another setback. The Federal Trade Commission (FTC) has received thousands upon thousands of complaints from consumers about unethical credit counselors that implement high or hidden fees. Various credit counseling service agencies have also been slapped with lawsuits filed by the FTC. Because of this, it?s imperative you research any agency you are contemplating signing with.
Once you do find a company you feel you can trust, it?s important to know you won?t see a difference overnight. Credit counseling takes a little longer than some other options; typically five years or more. You have to be dedicated and disciplined. You have to stick to the program designed for you, and follow it through. Eliminating debt is never easy, but it?s certainly worth the effort.
If you think consumer credit counseling service can help you, or you are simply interested in hearing the different options that could be viable for your situation, contact United Financial Relief today. Call 1-888-534-5010 or visit www.unitedfinancialrelief.com. If CCCS turns out to not be the best fit, they?ll help you find a plan that will solve your debt issues, no matter how difficult your situation might be.
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