Some people have been wondering what credit counseling is and how it can work for you in terms of getting yourself out of credit card debt. Credit counseling itself is a creation that was funded by the credit card industry believe it or not. They did this because they needed to come up with a solid way of getting paid by the people that were unable to pay down all of their credit card debt. Rather than the hassle of sending lawyers and collection agencies to people in order to get their money, they invented this system for people to go in order for them to be able to still get paid. In the end they still get all of what they are owed by people plus the interest of the payments. It is something that has actually made them a lot more money then you would be led to believe.
Usually, a credit counseling agency will attempt to get you a lower interest rate on your credit cards in order to coax you into paying them down. The creditors do not have to accept these terms and can easily reject you, but this is usually based upon your own financial situation and the type of relationship that the credit counseling agency you go with has with your debtors. More often...
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