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Credit Counseling
Credit counseling was originally provided to consumers by organizations like The National Foundation for Credit Counseling and its main affiliate, Consumer Credit Counseling Services. These non-profit organizations can now be found in just about every major city in the U.S. The purpose of the service, which is still backed by credit card companies, was to keep lines of communication open between borrowers and credit card issuers. The counseling arrangement usually benefitted borrowers by providing reduced rates, easier terms, and/or lower payments to the credit card companies.
By the late 1990’s, burgeoning consumer debt numbers were bringing hundreds of new companies seeking profits into the credit counseling arena. These companies often positioned themselves alongside the non-profits using credit counseling or similar terms in their company names while offering services that went well beyond credit counseling.
Today, credit counseling is more of an umbrella term covering companies that do anything associated with debt relief. In addition to offering standard debt relief options, these companies generate fees by arranging referral agreements with bankruptcy attorneys, mortgage brokers, and real estate agents. The partnerships are often not fully disclosed to consumers that are referred to these outside services.
The meaning of credit counseling has changed in many ways over the last decade as non-profit organizations are out-marketed by for-profit corporations that now operate in the category. Many of these corporations deliver positive results and do good work for their clientele but there are many less reputable firms that operate at the expense of their customers for their own profit. If you are considering using the services of a credit counselor, call the experts at Debt Settlement Law Office at (800) 466 1845 to see how other debt relief options could provide superior results for your specific circumstances.
Bankruptcy may remain on your credit report for up to 10 years. With debt settlement law office bankruptcy can be avoided and your debt is reduced. Best of all, once your crediors accept our settlements, the amount will be as payment in full, making you debt free without having to suffer the longer-term financial, emotional, and social impacts of a bankruptcy.
With debt settlement law office bankruptcy can be avoided and your debt is reduced.