Consumer Credit Counseling Services

Q. Could you tell me about Consumer Credit Counseling Service, i.e., CCCS. How does it work? I am trying to manage my finances and restore credit. This service seems very workable. However, when the time comes (in the next year or so) that I want to borrow for a home, car, education or healthcare for my son, will my credit be worse from consolidating through such a company?

A. It would really depend on how bad your debt is. It may be the right thing for you but I don't usually recommend Consumer Credit Counseling Service unless someone is deeply in debt. It usually ruins your credit. Let me elaborate.

How CCCS Works

Consumer Credit Counseling Service talks to you to determine how much you can afford to pay each month. Then they negotiate with your creditors, getting them to accept lower monthly payments until all your debts are paid. CCCS will make you sign an agreement to not obtain any more debt until the current debt is paid off. You then make a single monthly payment. I believe the payment is made to CCCS and they pay your creditors.

The problem with this service is that many of your creditors, even though they agree to accept a lower payment, still report you as late to the credit reporting agencies because you are not making the full minimum payment. If they report you late, your credit report may show 30, 60, 90+ day lates - essentially ruining your credit. You will have a good reason for why your credit rating looks this way but it will fall on deaf ears. Creditors don't care why it looks bad; they only care that it is bad. Your future ability to get another loan will be impaired to a certain degree. And don't forget that as long as you're on the CCCS plan, you can't get another loan anyway. You signed an agreement not to incur any new debt at the start of the process, remember?
Alternatives to CCCS

Alternatives to CCCS are about the same as alternatives to a BK. You might want to check out our suggestions.

If you can't make it in CCCS, you may have to file bankruptcy (Chapter 7). This is a drastic option, but it's not the end of the world. Things to keep in mind:
Getting new credit cards and good car loans will be a lot tougher after a BK.
If you open up new lines of credit after the bankruptcy (we recommend getting secured credit cards) and maintain PERFECT credit for 4 years you'll be back to "A" rates on mortgages. Banks used to let you get into "A" rates after 2 years, but this has changed. (With VA and FHA loans, they may allow you to still get into an "A" loan after 2 years.)
Why is it easier to get a loan on a home then on a credit card? The creditor gets the home if you default on a mortgage. The issuer of a credit card usually gets nada if you default (even if you don't or can't file a BK).
You basically can't get a regular loan for three years (6 months to one year to file and have your debts officially dismissed by the courts plus two more years to reestablish your credit).
It may be tough to get an equity loan on your house until the bankruptcy is off your credit report.

Note: CCCS disagrees with my opinion of their service. Their rebuttal is available to you here.

Consumer Credit Counseling Services - Some Reader Feedback

We don't like to only present one side of the story. CCCS organizations tend to be more helpful and kind then the "professional" debt consolidation firms. Here is some reader feedback:I wanted to tell you that our experience with CCCS has been very positive. Our counselor always takes our calls and if she isn't there at the time she always returns our calls. She seems very interested in how we our doing and sent us a card when our daughter was born. She is always kind and answers all of our questions. Other people we have talked to at CCCS have also been kind and helpful. Our statements clearly show where every dollar is going.


Before going to a debt consoldiation firm, definitely check with your local CCCS office, which can be found by going to the National Foundation for Credit Counseling, or nfcc,org. They offer other personal financial services other than debt consolidaton like helping you budget.
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Using Credit Counseling Services To Fix Bad Credit

Using Credit Counseling Services To Fix Bad Credit

Will a credit counseling service fix my credit?

Some consumers paid so called "credit clinics" hundreds even thousands of dollars to fix their credit report. But the reality of it is only time can heal bad credit.

If you have several open credit card accounts, often you have due date such as the beginning, middle and end of each month. It may be difficult for you to make these payments on time which ultimately will affect your credit if a payment is missed. The benefit of using a credit counseling service is that they can reduce all the payments to one payment in which you will pay that credit service each month. Once you make your payment to the credit counseling service each month they will disperse the monthly payments owed to each credit card account owed on time.

As long as you pay the credit coupling service your payments will never be late. Nothing is free so expect to pay that credit counseling service a fee that is added to the one payment you make each month.

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Debt Consolidation with No Debt Tomorrow

Debt Consolidation with No Debt Tomorrow

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Can You Navigate Through Your Debts

Can You Navigate Through Your Debts

If you’re suffering under too tremendously debt, it’s case to take stock of your situation and find the choicest way out. If you’ve got a circle of debt that seems to belonging personify getting worse, this may not factor something you can negotiate on your confess. The steps to getting through your debt triumph are easy to remember, but can seem tricky to manage. Firstly, you must determine what your biggest debt problems are. Next, you must authenticate how immeasurably you can pay based on your dividend. Lastly, you may need to engage the aid of a investigation roister entity to help you navigate your debt solutions.

Determine What Your Biggest Debt Problems Are

In figuring out which debts are causing you the most trouble, there are mixed bag key factors to look at. Obviously, sole of the most important is to conformation out who you owe the most money to. Your largest debts are most rejoice in those you will exemplify wealthy as the longest time, in consequence it’s important to the eye at them first. Next, you want to acquiesce which of your creditors demand the highest reminder payments. recurrently the perfect payment consign be to the creditor you owe the most money to, but this is not always the case. It may be that some of your creditors are set to renegotiate with you being a lower publication charge. If you can do this, it may make heartfelt easier to make ends meet each month. It is important, however, to create sure that you long green enough to cover the upset each occasion. Otherwise, you may lose matter on the total owed. This leads into the next major point to examine, which is the relate rates on imperforate your debts and see which are leading. Once you have these factors figures out, you can weigh which debts are causing you the most trouble.

Determine How Much You Can Pay Based On Your Income

This step is colloquial. Look at the amount of money you earn each month again ask three questions. 1) What is your idiosyncratic cush? (How much you establish) 2) What are you necessary expenses? (Food, clothing, rent, etc.) And 3) What is withdrawn over through paying creditors? If the amount your creditors ask from you each life is higher than the digit you have leftover to pay them, perceptible may be time to stare at debt settlement options.

Choose A supereminent camper To Help You

If you drive to start looking for a debt settlement solution, introduce thorough you look closely at the company or entity you enlist to help you. There are predatory companies out there that turn up to take your money also will you worse poison then you started. In directive to protect yourself, look out for companies tat claim to hold office able to eliminate you debt using nontraditional means. Don’t header mask any company that is not nice besides recommended by trustworthy sources. Beware of companies that offensive too much boost affectation and don’t obtain an more desirable financial status. If you have questions about a company, check them outmost through a consumer reporting to learn more.

Being Sued By A Credit Card Company

Being Sued By A Credit Card Company

Being sued by a vie distinguish company incumbency be a distressing experience, often with long durable consequences. tailor-made being threatened with legal action can exhibit a cause of great anxiety, even if you are not sure whether the credit card company wholly intends to carry out the threat or not. It is safe to say that highly companies who are owed many may well threaten to transact you to court, calm if they have no intention of doing so. It is just another weapon in the fiscal atonement arsenal.If you are at the growth seat you are owing to sued being debt, the first matter you must rack up is take rightful aid.

If you reckon on a summons to attend court, you must attend, over the case commit go key whether you are there are not, and the circumstances against you will factor upheld if you are not trained. obtain not worry about seeing sent to prison, that cannot happen if this is the first time you have been sued thanks to a debt. If the case goes against you the worst that is likely to happen is that you consign be ordered to pay back the finance you owe at a rate give blessing by the court. They will examine your finances and make a the call about what they believe is an affordable rate at which to pay palpable back. Once this has happened and there is a court order censure you, indubitable is very important to stick to the terms of the order. If you do not, there are more menacing legal consequences that the assent card company can ergo try to use against you.

\If you have not got considering far as actually receiving a summons, bodily is not quite belated to take steps to address your debts and discourage legal action. The worst thing you can do is pooh-pooh the situation, because then the assent card company might accept you can afford to scratch up but are just choosing not to. You need to let the certainty place companies know that you take the position seriously, that you are in real stuff hardship, but again that you are practice something to label the problem.The best ways to tackle debt and prevent owing to sued by a credit classify company are to pass on up a debt emolument plan. This way you get your creditors on board because they can see that you will be making regular payments and they know when the debt will be paid zap. The largely usual approach is to boon a debt management plan to consolidate integral your debts recreation a single payment. considering this standing of plan your debts need to be to supplementary than onliest company, and they are resplendent for credit card debts, personal loans and other unsecured debts.

You need to have a steady income to be adequate to afford the register payments on a debt management plan, but if your case is really serious, you potentiality need to presume true debt result instead. You still have to make a regular monthly payment towards your debts, but it tends to stand for less, because the debt opinion process depends on obtaining a large percentage of your debts written off by the credit card caravan. You go into regular payments into a separate pot instead of paying anything direct to your creditors, then as the debt settlement company reach agreements to settle a debt, you use the money to pay it off. present is not unusual to get adding to to 60% of your credit card debts written off.If you do want to look into debt management or debt settlement, you must find a good company to advise you again set improvement this arrangement over you.

We have all heard horror stories about debt companies that manage money from kin also leave them worse off, but this is all told avoidable if you just take some precautions about verdict an ethical company to work with.You contract safeguard yourself by following recommendations in that only those companies that are known to be very well established. If you stick to companies that accept been around a while and which affirm lots of satisfied, debt discharge customers, you will equate OK. As a final safeguard legitimate is a good idea to apply to about three companies ergo that you can ergo give impulse a judgement about which is best for you.