Article: Debt Consolidation Help As the old adage goes: "A penny saved is a penny earned." And though it may sound trite, it is true. If you carry a large amount of debt, one of the easiest ways to reduce spending is to lower the cost of the debt. The following lists a number of ways to reduce the cost of your debt, along with the positive and negative aspects of each. You may choose to implement one or more of these suggestions.
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Credit Counseling Credit counselors are professionals who can help you with your financial difficulties for a fee (either a flat fee or an hourly rate). Typically, a credit counselor contacts your creditors and negotiates a compromise regarding the repayment of your debts. Some arrange for consolidation loans. Often a credit counselor can persuade a lender to reduce its interest rate, waive late fees and penalties, or accept a longer repayment term. This allows you to pay off your debts in an orderly and affordable manner. Some credit counselors may also offer other services, such as investment advice, once you have resolved your debts. Some even claim success at persuading creditors to forgive debts completely when the debtor faces extreme financial hardship. With few exceptions, however, there is little that a credit counselor can do that can't be done by a nonprofit credit counseling service such as the Consumer Credit Counseling Services (CCCS). The advantage of going through CCCS is that fees are minimal and can be waived if you are unable to afford them. A professional credit counselor may take an occasional pro bono case but typically must collect fees to make a living. Professional credit counselors are quick to point out that they have no relationship with any creditors. You pay them for their services, so you are their client. In contrast, nonprofit credit counseling services, such as CCCS, are funded almost entirely by creditor contributions and donations. Many speculate that this makes the nonprofit credit counseling service merely a collection agency for the major creditors. Complete Article from the Learning Center. | 