There are many different opinions from financial experts and consumers regarding the use of Credit Counseling Agencies in order to help get out of debt. Some will tell you it’s the best thing you can do for yourself when you’ve gotten into uncontrolled debt, while others will warn you to stay as far away from a credit counseling agency as possible. How can you make the decision whether or not to work with an agency or not?
Research
If you are considering signing with a credit counseling agency to help manage your debt, you need to research. Don’t join the first company you find without comparing their services to other companies, or checking their reputation. Here are a few questions you should ask of any credit counseling agency you are considering working with:
Is the Agency a nonprofit organization?
How is the monthly payment determined?
How much money will each creditor receive each month, and on what date will they receive payment?
What will your interest rates on your existing accounts be once enrolled in the Credit Counseling Agency’s program?
How much money does the Agency receive each month out...
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