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Erasingmydebt.com
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This webpage was designed for general financial information and must not be taken to be professional financial advise.
Are You Looking for Financial Help With Outstanding Debts?
Consider what can be done for you with
Debt Consolidation:
Credit Counseling

     There are three different ways the term Credit Counseling is understood. Many times people get confused with the difference between them all. First off yes, credit counseling can be used to express the process of what debt consolidation is, the combining of several bills into one with lower interest etc. It is nicer to hear the word "credit" than "debt"

Secondly the term Credit Counseling can be exactly that, Counseling. Many financial institutes will supply credit/debt/financial counseling as a way to help out their customer, a sort of financial planning. They review several areas of your budget and help you to take on the debt monster and win. We believe that this type of credit counseling should be apart of every debt help strategy.

     Thirdly credit counseling can have a negative response. Debt counseling has grown over the years as consumers seemingly tend to stretch their wallet further and further, as a result there have been some quick 'help you out' companies come along. Several don't really know much and try to just take you to the cleaners and rip you off. The FTC has recieved several complaints about such companies. Some of these fly by night companies are only here to scam you of your money. Their practices are pushy and often intimidating, Their employees/counselors are only trained to try to grab your money, not answer questions and there to serve you, often resorting to telemarketing methods offering advise and quick schemes to satisfy their own wallet. Some have even been guilty of telling their clients to stop car payment or mortgage payments and that they would handle it for them (which are secured loans and cannot be settled in these ways) and instead send the money to the company - these people ended up losing their cars and homes!