What is Credit Counseling? |
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Answer:
Credit counseling is a valuable service, and A sudden illness, injury, or loss of employment can quickly create a financial headache, and a small problem can easily snowball. Fortunately, help is available. Credit counseling provides a unique service. Similar to debt consolidation agencies, credit counselors contacts creditors for you, and renegotiate your monthly payments. If you’re paying a high interest rate, credit counselors will work diligently to get the rate reduced. In some instances, credit counseling services can negotiate a balance reduction. Before contacting your creditors, a representative for the agency will closely evaluate your finances. Debt elimination is the primary objective. Thus, they’ll create a realistic debt management plan and outline a repayment schedule. Once the credit counseling service negotiates a lower interest rate, you’ll no longer make payments to previous creditors. Rather, you’ll submit one payment to the credit counselor. In turn, the credit counseling service will manage your debts and make payments on your behalf. Trackback(0)
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