Posts Tagged Consumer Credit Counseling
How will consumer credit counseling affect an application for a student loan?
Posted by admin in Financial Aid on March 29, 2011
JewelsinOH asked:
I want to go to college soon for a degree program. However, my credit card debt is getting the best of me, so I have been considering contacting a consumer credit counseling agency. Will student loan agencies (federal & private) not consider an application with credit counseling? How do I find out how this decision could affect my school?
Mario
I want to go to college soon for a degree program. However, my credit card debt is getting the best of me, so I have been considering contacting a consumer credit counseling agency. Will student loan agencies (federal & private) not consider an application with credit counseling? How do I find out how this decision could affect my school?
Mario
The Benefits of Non Profit Credit Counseling Agencies
W. M. Blake asked:
Non profit credit counseling agencies benefit in so many ways from their non profit label. One of the greatest benefits is the tax exemption they receive. These agencies are federal tax exempt and in most states, they are exempt from state taxes as well. Being tax exempt makes them eligible for grants, both private and public.
In some states non profit companies are not subject to consumer protection laws, which is a great benefit. Also, Fair Share Contributions require non profit status therefore creditors are more favorable to non profit credit counseling companies.
Though many credit counseling companies are very proud of their non-profit status most exist solely to make money. But the non-profit label works as nice bait to draw customers in.
Non-profit is an appealing word to anyone who is drowning in debt and desperately seeking a way out. However, debtors quickly come to realize that there are ulterior motives and that these companies are not as great as they thought.
This does not mean that all non-profit credit counseling agencies are bad and should be avoided. There are trustworthy companies and these are almost always affiliated with the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.
There are other ways to determine whether an agency is trustworthy and should be considered. The Better Business Bureau is a great source of information. If other debtors have had a problem with a specific company they may have a record of it and will share that information with you. There are also other on line credit forums that can be helpful. These can help you determine if a particular agency will really be helpful to you.
A good credit counseling agency truly does work for the benefit of debtors and is a great asset. Their goal is to negotiate with credits to lower interest rates or sometimes eliminate them. They also try to negotiate a better monthly payment and try to eliminate finance and late charges. At times they are even able to reduce the balances. Also, they can help with budgeting and debt management plans.
Caution is needed in choosing a credit counseling agency. That being said, they are a great asset in helping people get out of debt.
Cheryl
Non profit credit counseling agencies benefit in so many ways from their non profit label. One of the greatest benefits is the tax exemption they receive. These agencies are federal tax exempt and in most states, they are exempt from state taxes as well. Being tax exempt makes them eligible for grants, both private and public.
In some states non profit companies are not subject to consumer protection laws, which is a great benefit. Also, Fair Share Contributions require non profit status therefore creditors are more favorable to non profit credit counseling companies.
Though many credit counseling companies are very proud of their non-profit status most exist solely to make money. But the non-profit label works as nice bait to draw customers in.
Non-profit is an appealing word to anyone who is drowning in debt and desperately seeking a way out. However, debtors quickly come to realize that there are ulterior motives and that these companies are not as great as they thought.
This does not mean that all non-profit credit counseling agencies are bad and should be avoided. There are trustworthy companies and these are almost always affiliated with the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.
There are other ways to determine whether an agency is trustworthy and should be considered. The Better Business Bureau is a great source of information. If other debtors have had a problem with a specific company they may have a record of it and will share that information with you. There are also other on line credit forums that can be helpful. These can help you determine if a particular agency will really be helpful to you.
A good credit counseling agency truly does work for the benefit of debtors and is a great asset. Their goal is to negotiate with credits to lower interest rates or sometimes eliminate them. They also try to negotiate a better monthly payment and try to eliminate finance and late charges. At times they are even able to reduce the balances. Also, they can help with budgeting and debt management plans.
Caution is needed in choosing a credit counseling agency. That being said, they are a great asset in helping people get out of debt.
Cheryl
I am looking for a reputable consumer credit counseling service in central FL. Any recommendations?
bmd1208 asked:
I am looking for a reputable consumer credit counseling service in central FL. Any reccomendations?
I am looking for a reputable consumer credit counseling service in central FL. Any reccomendations?
If possible please tell me who to go to and who to stay away from. My brother in law want to consolodate his credit card debt.
Please advise.
Darryl
Any credit counseling services that deal with payday loans?
Kimberly G asked:
I’m planning on going through a consumer credit counseling agency to get help with my overburdening debt. However, two that I checked into will not, or cannot, work with payday lenders. Are there any out there that will?
Sylvia
I’m planning on going through a consumer credit counseling agency to get help with my overburdening debt. However, two that I checked into will not, or cannot, work with payday lenders. Are there any out there that will?
Sylvia
Credit Counseling Services – Get A Free Objective Assessment Of Your Financial Situation
Daniel Z Henry asked:
Free consumer credit counseling services have solved problems of thousands of credit card debtors. These services enabled credit card debtors to know the best ways to get rid of their massive unsecured debts with their existing income, expenditure and other financial details. The Free credit counseling services analyzed all these details and provided beneficial and effective counseling services.
Although counseling services have been questioned with passage of time but statistics have shown that credible and professional credit counselors helped their clients a lot and successfully brought them out from their massive credit card debts. These services are still contributing in helping thousands of credit card consumers to achieve financial freedom and complete access to their debt free lives.
Credit counseling services are proving very helpful in stabilizing the lives of those credit card debtors, who became desperate due to their weak financial conditions and inabilities of debt repayments.
Through free consumer counseling, you can get free suggestions about maintaining and strengthening your regular flow of income. You can get free objective assessment of your financial situation on the basis of your income streams, expenditures, total liabilities, interest rates, penalties, possible income sources and other details.
Free credit counseling also provides you educational programs so that you can be able to seek the opportunities for getting rid of your credit card debt. Credit counseling services, after analyzing your unique financial situation, will suggest you any particular repayment plan through which you can effectively and affordably come out of your massive unsecured debts.
Credit counseling can also suggest you any particular debt relief program that can best suit your personal financial capabilities, needs and requirements. These free credits counseling services also provide you certain strategies through which you can not only meet your credit card obligations but you can also restore your financial status.
Before availing credit counseling services, you must make sure that you are approaching the most credible and excellent track record counseling company so that you can get the most accurate solutions of your entire financial problems.
Lisa
Free consumer credit counseling services have solved problems of thousands of credit card debtors. These services enabled credit card debtors to know the best ways to get rid of their massive unsecured debts with their existing income, expenditure and other financial details. The Free credit counseling services analyzed all these details and provided beneficial and effective counseling services.
Although counseling services have been questioned with passage of time but statistics have shown that credible and professional credit counselors helped their clients a lot and successfully brought them out from their massive credit card debts. These services are still contributing in helping thousands of credit card consumers to achieve financial freedom and complete access to their debt free lives.
Credit counseling services are proving very helpful in stabilizing the lives of those credit card debtors, who became desperate due to their weak financial conditions and inabilities of debt repayments.
Through free consumer counseling, you can get free suggestions about maintaining and strengthening your regular flow of income. You can get free objective assessment of your financial situation on the basis of your income streams, expenditures, total liabilities, interest rates, penalties, possible income sources and other details.
Free credit counseling also provides you educational programs so that you can be able to seek the opportunities for getting rid of your credit card debt. Credit counseling services, after analyzing your unique financial situation, will suggest you any particular repayment plan through which you can effectively and affordably come out of your massive unsecured debts.
Credit counseling can also suggest you any particular debt relief program that can best suit your personal financial capabilities, needs and requirements. These free credits counseling services also provide you certain strategies through which you can not only meet your credit card obligations but you can also restore your financial status.
Before availing credit counseling services, you must make sure that you are approaching the most credible and excellent track record counseling company so that you can get the most accurate solutions of your entire financial problems.
Lisa
credit counseling?
Posted by admin in Personal Finance on January 29, 2011
MARIE S asked:
Has anyone gone through consumer credit counseling? Does it really work? Is there a fee? I think I am in troble.
Margaret
Has anyone gone through consumer credit counseling? Does it really work? Is there a fee? I think I am in troble.
Margaret
Any credit counseling services that deal with CashCall?
Kimberly G asked:
I’m planning on going through a consumer credit counseling agency to get help with my overburdening debt. However, two that I checked into will not, or cannot, work with CashCall. Are there any out there that will?
Oscar
I’m planning on going through a consumer credit counseling agency to get help with my overburdening debt. However, two that I checked into will not, or cannot, work with CashCall. Are there any out there that will?
Oscar
What are your thoughts on Consumer Credit Counseling?
Posted by admin in Personal Finance on December 28, 2010
daisylane asked:
I own a home. It’s worth approx $85,000 – I owe that much on it. I have approximately $35,000 in debt. $6,000 is in back taxes. (I only made $18,000 last year?) If I choose to use consumer credit counseling, does anyone know if it really helps? Or is it just a flim-flam operation?
Jonathan
I own a home. It’s worth approx $85,000 – I owe that much on it. I have approximately $35,000 in debt. $6,000 is in back taxes. (I only made $18,000 last year?) If I choose to use consumer credit counseling, does anyone know if it really helps? Or is it just a flim-flam operation?
Jonathan
Credit Counseling
Usha Pradhan asked:
Credit counseling, also known as debt counseling, is a process meant to instruct consumers in methods to lower their debts and to spend more wisely in the future. It almost always involves negotiation with creditors in order to create a debt management program by which the consumer can pay back his or her debt. These debt management programs usually involve lowered payments, interest rates, and fees and make credit counseling a appealing prospect.
After beginning a credit counseling program, the consumer’s accounts will be closed to all new charges. The monthly payments will also be consolidated to one lump sum that is usually less than the total of all previous minimum payments. Possibly the most appealing aspect of a credit counseling program is the dramatic decrease in interest rates that the debtor may receive. These rates may drop from an outstanding 30% to a reasonable 5% to 10% and on rare occasion interest may be dropped altogether. Through a series of prompt payments the consumer’s delinquent accounts can be made current. This won’t help the debtor’s credit score, but it will provide him or her with an opportunity for a fresh start at building their credit.
Credit counseling agencies first appeared in the 1950s with the purpose of promoting financial literacy and preventing bankruptcy. The Association of Independent Consumer Credit Counseling Agencies was formed in 1993 and consisted of a group of credit counselors who provided their services over the phone. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made credit counseling mandatory in order to file for bankruptcy in the United States.
Credit counseling services have not been without their fair share of criticism; in fact, the Fair Trade Commission and the Better Business Bureau have received over 8000 complaints concerning about them concerning hidden fees and inability to opt out of some payments that were considered voluntary. The IRS continues to audit and otherwise investigates credit counseling business and has revoked the tax-exempt status from over 30 of the main 100 companies. Many claim that these businesses favor the credit card companies over consumers although they claim they don’t take sides.
The issue of whether taking part in a credit counseling program will hurt a person’s credit is still open to debate and remains an issue of importance to most consumers. The truth is that while it should not harm a person’s credit score, record of their participation will stay on the person’s credit score and will deter them from receiving Loans and lines of credit in the future.
When considering enrollment in a credit counseling program, the consumer should shop around the many different business that offer a debt management program and should contrast and compare the differences between them such as the fee structures and whether they are a for profit or non-profit agency as well as the different services provided by each one. They should also keep in mind that the service will stay on their credit report for 2 to 3 years.
Antonio
Credit counseling, also known as debt counseling, is a process meant to instruct consumers in methods to lower their debts and to spend more wisely in the future. It almost always involves negotiation with creditors in order to create a debt management program by which the consumer can pay back his or her debt. These debt management programs usually involve lowered payments, interest rates, and fees and make credit counseling a appealing prospect.
After beginning a credit counseling program, the consumer’s accounts will be closed to all new charges. The monthly payments will also be consolidated to one lump sum that is usually less than the total of all previous minimum payments. Possibly the most appealing aspect of a credit counseling program is the dramatic decrease in interest rates that the debtor may receive. These rates may drop from an outstanding 30% to a reasonable 5% to 10% and on rare occasion interest may be dropped altogether. Through a series of prompt payments the consumer’s delinquent accounts can be made current. This won’t help the debtor’s credit score, but it will provide him or her with an opportunity for a fresh start at building their credit.
Credit counseling agencies first appeared in the 1950s with the purpose of promoting financial literacy and preventing bankruptcy. The Association of Independent Consumer Credit Counseling Agencies was formed in 1993 and consisted of a group of credit counselors who provided their services over the phone. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made credit counseling mandatory in order to file for bankruptcy in the United States.
Credit counseling services have not been without their fair share of criticism; in fact, the Fair Trade Commission and the Better Business Bureau have received over 8000 complaints concerning about them concerning hidden fees and inability to opt out of some payments that were considered voluntary. The IRS continues to audit and otherwise investigates credit counseling business and has revoked the tax-exempt status from over 30 of the main 100 companies. Many claim that these businesses favor the credit card companies over consumers although they claim they don’t take sides.
The issue of whether taking part in a credit counseling program will hurt a person’s credit is still open to debate and remains an issue of importance to most consumers. The truth is that while it should not harm a person’s credit score, record of their participation will stay on the person’s credit score and will deter them from receiving Loans and lines of credit in the future.
When considering enrollment in a credit counseling program, the consumer should shop around the many different business that offer a debt management program and should contrast and compare the differences between them such as the fee structures and whether they are a for profit or non-profit agency as well as the different services provided by each one. They should also keep in mind that the service will stay on their credit report for 2 to 3 years.
Antonio
How many people have used Consumer Credit Counseling and what did you think?
Posted by admin in Personal Finance on December 14, 2010
redwolf470 asked:
I am preparing an article on what people know about Consumer Credit Counseling. I was wondering what people know about it or think about it.
Zachary
I am preparing an article on what people know about Consumer Credit Counseling. I was wondering what people know about it or think about it.
Zachary