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Why credit counseling doesn't work for most of us
January 19, 2011
7:36 am
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mimimimi
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I just came across a report that showed that in 2008, only 1/3 of those who sought the help of credit counselors affiliated with the National Foundation for Credit Counseling succeeded. Why is this???

January 19, 2011
10:00 am
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beatrize
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January 19, 2011
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From what I know, a lot of those who call NFCC agencies were enrolled in debt management programs, but they drop out!

January 20, 2011
12:30 pm
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6yroldkid
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Also, some of the people who sought credit counseling were in way too much debt that they can't be helped.

January 20, 2011
6:47 pm
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yecharu
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I still do think that getting credit counseling is worth it.  You get advice on how to do your budget, how to improve your credit and how to handle your finances better.  What's more, you could also get help in keeping your house out of foreclosure, buy your first home or how to go about mortgage refinancing.

January 21, 2011
1:02 am
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XanaxDid
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January 21, 2011
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I agree.  The advice they give is valuable.  Besides, you can still succeed with their debt management plans.

January 21, 2011
7:27 pm
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hiddenobject
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January 21, 2011
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yecharu said:

I still do think that getting credit counseling is worth it.  You get advice on how to do your budget, how to improve your credit and how to handle your finances better.  What's more, you could also get help in keeping your house out of foreclosure, buy your first home or how to go about mortgage refinancing

Yes, credit counselors offer these services for a fee. There were many people out there that charged an average of $3,000.00 to help people refinance their homes so they would not go into foreclosure. This is totally unnessary because you can communicate directly with the banks loss and mitigation department about what programs you might qualify for. Anyone can go the the HUD website and down load the application for the home affordable program. For free anyone can go to a mortgage company, get a credit check and fill out an application to see if they prequalify to buy a home.

January 21, 2011
8:12 pm
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hiddenobject
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6yroldkid said:

Also, some of the people who sought credit counseling were in way too much debt that they can't be helped.


I have a feeling that this is the case more often that not.
January 23, 2011
9:21 pm
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remembrance
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XanaxDid said:

I agree.  The advice they give is valuable.  Besides, you can still succeed with their debt management plans.


 

Some people, however, might be better off filing for bankruptcy.

January 23, 2011
9:21 pm
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remembrance
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hiddenobject said:

6yroldkid said:

Also, some of the people who sought credit counseling were in way too much debt that they can't be helped.


I have a feeling that this is the case more often that not.
 

I know that some people are not able to live within the budget created for them from their repayment plans. 

January 24, 2011
11:03 am
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dandelionsx
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January 24, 2011
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I think that timing is key. If you seek help too late, then you will have problems repaying your debt. As credit counselors say, you should take note of the warning signs to know when to seek help

January 24, 2011
1:33 pm
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alvin
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Hmmmn... that's interesting.  What are the warning signs?

January 24, 2011
7:37 pm
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AnxietyRUs
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My wife and I went for credit counseling once. The one we went to was a free service. So we started going through a budget with the counselor. She wouldn't budge on any of her "suggestions". We finally just left and have slowly done it on our own. It's a poor counselor who won't give and take.

January 25, 2011
6:00 am
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ichsabel
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January 25, 2011
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Well, for one if you find it difficult to pay off even your minimum payments, that's a sign that you need professional credit counseling 🙂

January 25, 2011
7:18 am
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julietroache
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January 25, 2011
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Agree.  If you find yourself borrowing from one credit card to pay off another, then that's a sign.  If you often tap your retirement funds to pay off your debts, that's also another warning sign.

January 25, 2011
8:24 am
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Amity11
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I think that you should also note that you could work with your credit counselor to find out what other alternatives are there for you.

September 20, 2011
11:13 pm
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creditguard
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September 16, 2011
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Credit counselor provide help how to manage your debt in the normal way without any stress, they also provide financial educational help on debt management  and sometime provide some tools for helping in your credit and debt management. Credit counselor are in touch for a time being to get you out from the debt .

October 19, 2012
1:59 am
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Curtis Baker
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Credit counseling really worth, many times in life people may hang around many crucial situations  and this  may lead  them suicide ,but a good debt counselor  perfectly    manage their income source vs. debt

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