Can debt counseling services offer a solution to your debt problems? To be able to answer this, we need to understand the debt counseling services and how they function. Well, debt counseling services are firms that are mostly sponsored by your creditors. Almost all of these service providers are non-profit organizations, though you may come across a few which function on their own. Having a source of income is an important condition for contacting a Debt counselor. The debt counselor will probably get in touch with the company you owe money and inform them that you are making an attempt to repay your loans. This counselor, after contacting the creditor, will try to achieve an agreement between you and the creditor. At the same time this counselor will ensure that the agreement is within your budget, keeping in mind your current source of income.
When the creditor receives their payment, this debt counselor will request your creditor to pay for their counseling by deducting small amount of money from the payment. There may be some counselors who will help you by waiving interest on the outstanding payment but this is mostly an exception than the rule. Inability to make...
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