Credit Counseling Services -- Ohio
Finding a proven and reliable way to get relief from debts - perhaps through the use of credit counseling services - is a serious problem facing many residents in Ohio as well as in many other states. For many of these residents, their credit card debts have gotten so out of control that they are no longer able to make monthly payments, causing fear and anxiety on a daily basis. If you are also experiencing financial distress, you can breathe easier because you may be able to find relief by consolidating your debts.
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Typically, companies that offer credit counseling or debt consolidation services allow you to make a single, consolidated and manageable payment every month. The goal with debt consolidation is, with a more structured and more affordable repayment plan, you can, ideally, reduce your debts sooner than if you only continued to make the minimum payments at higher interest rates.
In addition, many consumers consider debt consolidation to be a popular alternative to bankruptcy, which is also a form of debt relief, but one that has a more damaging and longer lasting consequence on your personal credit.
What to Expect With Credit Counseling Services
Debt consolidation through credit counseling, or a debt management plan (DMP), is a proven and legal way for many consumers to get relief from credit card debts and other types of unsecured debts - such as medical bills, department store charges, or utilities. Before proceeding to work with a credit counseling service, however, it is wise to have a good understanding of how it functions, and how it can potentially help you reduce the total amount of your unsecured and credit card debts.
Facilitated by credit counselors, debt consolidation generally begins with a thorough assessment of your financial situation - taking into account your outstanding financial obligations and the amount of money that you can reasonably set aside toward paying off your debts. Once credit counselors have a clear picture of your finances, they will typically proceed with a game plan to help you pay off your debts sooner than if you only continued to make the minimum payments at higher interest rates.
With a strategy in mind, they will generally submit proposals to credit card companies, on your behalf, requesting lower interest rates, and waiver of late fees and other penalties. Creditors that accept the proposals are added to the debt management plan. Credit counseling agencies, in turn, distribute those funds to creditors that are in the plan.
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Benefits of Credit Counseling
As mentioned earlier, the goal of credit counseling or debt consolidation is to provide you with a single, more structured, and more lenient repayment plan that can, ideally, help you direct more of your payment into paying off the principal on your credit cards versus just the interest. Aside from requesting proposals to your creditors, reputable credit counseling agencies may even provide you a due date (or the time funds are taken from your account) that takes into consideration when you get paid.
The bottom line is, credit counseling allows many individuals with a proven way to tackle and reduce their debts without seriously damaging their credit history - the way that bankruptcy typically would. That's why it makes sense to find out which debt relief method, for instance those offered by credit counseling services, could potentially save you, and how you can regain control of your finances.
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