Credit Counseling
Consumer Credit Counseling Services (CCCS) is another option available to consumers struggling with credit card debt. Consumer Credit Counseling can substantially lower your credit card interest rates, thereby allowing you to pay off debts faster and save a substantial amount of money. Unlike debt settlement, which actually negotiates a reduction in the principal of your debt, Consumer Credit Counseling Services will negotiate with your creditors to lower your interest rates and establish a monthly payment plan until the balance is paid in full.
Consumer Credit Counseling Services can help you resolve credit problems, eliminate late fees, get back on track and pay down debt. When appropriate, Consumer Credit Counseling serves as an impartial intermediary. We can negotiate with your creditors to establish a reasonable and mutually acceptable repayment plan. Once enrolled in credit counseling, you make a monthly deposit into an escrow account and funds will be disburse to your creditors on your behalf.
In general, Consumer Credit Counseling Services may help you obtain lower interest rate, but the interest is not usually lowered enough to significantly reduce your monthly payments. If you cannot afford the required payments, or need to be out of debt faster than what credit counseling can offer, debt settlement may be the best choice for you. Debt settlement programs usually last around three years, and the payments required are generally lower than those required in Consumer Credit Counseling Services programs.
If you are interested in finding out more about what our debt resolution service can do for you, call one of our friendly Debt Consultants today.
