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Debt Counseling Solutions for Credit Repair
By David Chandler
Is debt counseling a solution for credit repair? Debt Counseling Services and Credit Services are organizations that are sponsored by most creditors. Most debt counseling services are nonprofit organizations; however, there are a few that will charge a fee. Before you can contact a debt counselor, you must have some source of income. The counselor provided you will contact your creditors and alert them that you are making the effort to repay your debts. Once the creditors have been contacted, the organization will work out an agreement that works with your current budget. After a decision has been reached you are expected each month to make a payment toward paying off your creditors. Your money goes first to the organization where you have asked for help, and then is forwarded to your creditors. Once the creditors receive your money, the counselors ask the creditors to deduct a small amount of funds to pay for their services. There are some debt counselors that will waive interest on your balance, however, most counselors will not. If you are unable to meet your payments each month, you might be required to pay late fees. The only real advantage you have by using a Debt Counseling Agency is that you will not see bankruptcy on your credit report although the two are similar. The best solution then for repairing your credit is taking the ball in your own hands. If you take back the control that was robbed of you, you have the advantage of getting out of debt without further complicating your situation. One way of taking back your control is to set up a monthly budget plan that works to payoff your debts and leave you enough funds to survive. Survival takes less than most people believe in the sense we often purchase items we do not really need. If we purchase minimal grocery necessities and other necessities, we will find more funds available. There are several solutions for cutting back on house items for cleaning. Generally, soap and water is sufficient for cleaning your home. Better yet, if you have laundry detergent you can clean carpets, wash windows, clothes and so on. One solution is possible to handle multiple tasks; therefore buying multiple products for house cleaning is often a waste of money. The advertisements that tell you this product works better than the other is often a gimmick to lower you into a debt. Another idea is it is possible to cook dinners that last for more than one day. In addition, you could pack a lunch instead of buying out when you are at work or on a trip. If you are taking trips regularly and it is not for business purposes, you might ask yourself how you can cut back. When you cut back on trips, you are cutting back on gas mileage, meals, and hotels and so on. Anytime you can find a solution to cut back spending, you are making effort to repair your credit as long as you are spending the savings on your bills. If you are trying to save money for trips or items for your home, you might want to put this off until you get your bills paid. Remember when you pay off your bills first, money will flow more freely for other desires in life. If you are having difficulties, meeting monthly obligations contact your creditors and explain your situation. Many creditors will work to find a solution rather than taking a complete loss. Be ware that some creditors are greedy and do not really care how hard times are for you. These types of creditors want money and they want it now! The best solution then for dealing with creditors is to payoff the most imperative bill first and work your way through each bill. If you have bills that are not necessary terminate them for a short time until your credit is repaired. Bills such as cable or satellite, Internet if not used for work and other entertainments can wait. Bills are a part of our daily lives and avoiding bills is not a solution for repairing credit. Therefore, debt counseling is not the best solution for eliminating debt.
About the Author
For more information about credit repair and debt solutions, visit http://www.creditrepairinfoguide.com and http://www.debtsolutionguide.com
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