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“When you need to borrow money the Mob seems like a better deal I think. 'You don't pay me back I break both yer legs.' Is that all? You won't take my house or wreck my credit rating? Fine where do I sign. Legs? Fine. You don't even have to sign anything. ” ― Craig Ferguson
TIPS:
Keep a good credit rating .... bad credit will make it harder to get a mortgage or a loan and you will pay a higher interest rate
Check your credit report for free at least once a year
Pay your bills on time
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Am I A Good Candidate For Credit Counseling?
DEBT /CREDIT COUNSELING
Initial consultations for debt counseling are usually free and confidential. Credit counseling services make their money by arranging and administering debt management plans. Agencies create these plans by negotiating with creditors for reduced interest rates. Some agencies charge clients a monthly fee or a percentage of what is owed. Stay away from debt settlement agencies that promise to wipe away 40 to 90 percent of the credit card debt. If it sounds too good to be true it usually is. Two warning signs to look for are if the company will not review your information until you pay a fee or if they ask for your name and credit card number but they don’t ask any questions about your debt.
For a list of nonprofit credit counseling services in your area go to: The National Foundation for Credit Counseling www.nfcc.org or The Association of Independent Consumer Credit Counseling Agencies at www.aiccca.org
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.
Am I a Good Candidate for Credit Counseling?
What they Do
What they Do
NFCC member agencies provide financial reviews and education to millions of consumers each year in person, over the phone, or online. Every NFCC member agency client receives comprehensive money management services based on their individual needs. NFCC member agencies provide a variety of free and affordable services including:
Additionally, one-third of their members are multi-service agencies specializing in community-based social service programs such as youth mentoring, foster care, and substance abuse programs.
Credit.org offers free credit counseling and debt counseling and helps you pay off credit card debt by exploring your debt options. They also work with your creditors to come up with a more suitable monthly payment for your situation
There are several online communities that focus on consumer debt and support:
www.CreditBoards.com offers tips and advice on improving bad credit score.
www.Bankruptcyforum.com which focus on legal issues like hiring a lawyer.
www.Makelovenotdebt.com a blog which features a couple trying to get out of severe financial trouble
www.Solvency.org is for people with serious debt addictions, an online resource under the umbrella of group-therapy organization Debtors Anonymous. It has weekly online chats and information about local meetings.
Go to www.debtadvice.org which is the main site for consumer credit counseling
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Tip:
1) Never give a collection agency your money until you have a statement in writing that the payment of whatever amount you have agree to settle the debt will represent payment in full and that they will forward a zero balance report to the credit bureaus.
2) Never give a collection agent access to your checking account or credit/debit card. Send them a money order instead.
3) Beware of any credit repair company that promise to remove your bad credit for a price... if it is legitimate information nobody can get rid of it
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