Are you the one who is worried about your credit card debt bills? It can be just a single issue with the least payment but it will end up into a big would by taking all your balance. This is really a most difficult stress for anyone to handle. Financial issues are the ones which will always make us insecure..
Here is an answer for your questions and that is credit counseling. These people will help you in better managing the system of credit card with the knowledge to use it at the best.
It was established in 1950, the creditors created the National Foundation for Credit Counseling (NFCC) for the purpose of monitoring the legislative and the regulatory activity for the retail credit members and also to conduct public awareness campaigns on credit. Their mission is to help American consumer avoid bankruptcy and keep them educated on the fiscal responsibility.
Another organization was established in 1993 Independent Consumer Credit Counseling Agencies (AICCCA). They stated that there was a need for industry standards of excellence and ethical conduct. Credit counseling is an important part of financial health when facing the prospect of bankruptcy. There are good sites like Doyle Salewski, which would help you in providing the required information
Debt Management Plan (DMP)
DMP is a system once enrolled will help you to negotiate for low interest rates and be paid by agency based on DMP norms. The advantage of DMP is you can get the lower interest rates.
This would help you in managing your debts. When the interest rates are reduced leaving you to be 50-60% reduced debts. This will leave you debt free.
Credit counseling scams
There are many scams taking place when it comes to the banking sector. One has to be very cautious and confidential about their information. Same ways there are many credit counseling agencies who acts unethically and do not follow the norms. To identify them here are red flags, which would help you to identify and safeguard yourself from them.
- Refuse to give references and contact information
- Promise of reducing ridiculous interest rates
- Poor rating and reviews on internet
- Unsolicited email or phone call from them