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Consumer Credit Counseling Services for Debt Help
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Posted On :
Jun-06-2013
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Article Word Count :
553
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Financial issues can hinder your life in a variety of ways. When you have to fork over a significant portion of your income to a credit card company, it may not leave enough left over to pay for food, shelter or clothing.
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Financial issues can hinder your life in a variety of ways. When you have to fork over a significant portion of your income to a credit card company, it may not leave enough left over to pay for food, shelter or clothing. If you are in need of help with your finances, where can you turn for help?
You Can't Run Away From Your Problems
If you are currently drowning in debt, the worst thing that you can do is ignore it or hope that it goes away. If you do that, your problems will only get worse. Creditors will move from making phone calls to taking legal action against you.
A judge could give your creditors permission to garnish your wages or take control of your bank account until the debt is repaid. Therefore, the first step toward becoming debt-free is to talk to your creditors about ways that you can make alternate payment arrangements or have portions of your debt forgiven.
Non-Profit Consumer Credit Counseling Services Can Help
Those who are in need of help with their debt can turn to non-profit consumer credit counseling organizations in their time of need. Although some non-profit companies will charge a fee for their services, many will charge on a sliding scale or waive their fee depending on your situation. Therefore, you can get the help that you need without going further into debt. Among the services that many non-profit organizations provide include:
Arrange or facilitate debt consolidation
Help you form a budget
Help you create a debt reduction plan
Work with your creditors to lower your interest rates and waive late fees
The hardest part when you are in debt is knowing where to start. Once you are organized, have a coherent budget in place and can start to consolidate your debts, you will learn that paying off your debt doesn't have to be difficult.
Find A Reputable Credit Counseling Service
Not all credit counseling services are created equal. If you encounter a consumer counseling service that charges exorbitant fees, offers to erase your credit history or in any other way doesn't meet your needs, run away as fast as possible. There is a good chance that you could fall victim to a scam.
If Debt Is Forgiven
If your creditors do decide to forgive your debt, make sure that you understand that this is a taxable event. In the eyes of the IRS, all forgiven debt is considered income. This means that you should be ready to reduce the amount of the forgiven debt by the amount of tax that is owed on this debt. Otherwise, you could find yourself in another debt mess just months after you thought your money problems were over.
Anyone who cannot decide whether to make a credit card payment or put food on the table needs help immediately. If you have talked to your creditors about a payment plan without success, consumer credit counselors can help. They will work with you to organize and reduce your current debt while helping you to avoid going into more debt in the future. Eventually, you will be free from debt and able to live knowing that your finances are under control.
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Article Source :
http://www.articleseen.com/Article_Consumer Credit Counseling Services for Debt Help_268054.aspx
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Author Resource :
The author has an immense knowledge on non-profit consumer credit counseling. Know more about consumer credit counseling related info in his website http://www.advantageccs.org/blog/why-you-should-choose-a-non-profit-credit-counseling-agency/#.Uaiay0BQGuo
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Keywords :
non-profit consumer credit counseling, advantageccs.org,
Category :
Finance
:
Finance
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