Credit And Debt Counseling A Better Way

My parents are in debt, about $30k and obviously the min. payments are definitly not going to get them anywhere. Problem is they don't own a home or any type of secuirty for a loan, so a bank loan is out of the question. I just want to know if there is some way that I can check up on a credit counseling agency, I know some can really help, or if there is another method altogether. I am looking into a charity that is connected with the United Way and their services are free. I'd be greatful for any insightful answers!

Getting loans is just adding more debt. That doesn't help pay it off. They need a local credit counseling agency like CCCS, not an internet or TV one. The credit counseling agency might charge $10.00 or so a month, but they will never try to loan money. They will set your parents up on a schedule to pay off each bill. Then they will call all the creditors and get them to wait for payments. But your parents have to stick to the schedule or the credit counselor will not back them up. They need to learn to live without credit so they can stop paying all their money in interest.

2006-12-05 18:57:24 by RabidFleeceMonki

The 1st in a series of educational videos from the MoneyHarvest Institute. We help change lives for the better and empower people to have ...

I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn't worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?

You would want to get in with a company that is non profit as you stated in your question. Other companies charge you a fee for doing this for you, as much as 50.00 a month. Consolidated Credit Counselors is a company I used before the only problem I had with them is the agreement they have with the issuing banks it to make payments that is 5% of what you owe. That was too high for me so I had no other choice but to do a bankruptcy. In time your credit rating will improve. But by taking action and just not walking away will definately improve your credit rating.

2006-02-22 08:23:30 by mony ou

I am looking for a good company to help us negotiate the rates on our cards that we used to start our business. And to hear from personal experience if this is a good way to go.

I've recommended the resource listed below to a number of folks, and they've all been pleased with the results. Just make sure that the company you go with is non-profit and doesn't charge you a fee. If they ask for a fee, go elsewhere fast.

2007-02-24 07:28:13 by labragator

I'm trying to better myself and pay off credit card debt. My credit is good, I just bought my first home by myself. But I wish ot get rid of my credit card debt faster... I have done all I can transferring to lower rate cards. But when you try to pull out a loan to consolidate, they say "you already have too much out", and I get declined. But that defeats the purpose! I think it's too soon to do a home equity loan, I don't have much equity in my home yet. And I really don't want to resort to a credit counseling agency that can harm your credit! Any ideas or banks, websites, etc. to check out?

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

2007-09-10 20:30:01 by Brad M

Are there any websites out there which can help me create a budget for my home and family? Perhaps something with an automated worksheet? I need some major help with this and am hoping to find something where I can just punch in the numbers and have it calculate several different options including a savings plan. Also...are there any good budget/finance programs out there that are freeware? And last but not least...has anyone ever used a credit counseling agency which helps you pay off your credit card debt? If so...what did you think? Was it easier and faster to pay your credit debt this way? Was it less expensive? Sorry for all the questions...I just really need to get myself on track and am at a total loss. Thanks so much for taking the time to read this and hopefully offer your help and advice.

Here is a site that has quite a few different budgets, including several for beginners.

http://www.budget101.com/id177.htm

Here is info on Consumer Credit Counseling agencies:
http://www.forum.budget101.com/viewtopic .php?t=104&highlight=cccs

2006-07-05 01:49:20 by silent.peace