Keeping your finances afloat in these turbulent economic times is a difficult task. For people who have the weight of unpaid credit bills dragging them into a sea of debt, maintaining financial stability can be nearly impossible. If you are one of the people being pulled into the depths of debt, then you may need to be rescued by credit counseling.
Buoyant Assistance and Boarding a Dry Credit Counseling Ship
Credit counseling can act as a lifesaver to counter the credit card payments that are holding you down. In order to receive the assistance and expertise of a credit counseling service all you need to do is make your situation known to them so that they can get your rescue operation underway.
When to Flag the Credit Counseling Fleet Your Way
Not everyone with financial trouble needs credit counseling. If all you need is a lower interest rate from your creditors you should just negotiate with them on your own. Likewise, if you are able to pay your bills in full and on time you do not need any counseling.
On the other hand, you would probably benefit from credit counseling if you are in danger of drowning in debt and meet one or more of the following criteria:
- You have trouble making the minimum payments on your credit cards.
- You find yourself constantly paying your bills late.
- You are being badgered by collection agencies.
- You are unable to make a repayment plan with your creditors.
Drying on Board and Getting a Feel for Your Credit Counseling Ship
Once you have contacted a credit counseling service to help lift you out of the sea of debt, you can expect them to take the following steps to better your situation:
- They will suggest actions for you to save money like making a budget and cutting back on unnecessary expenses.
- Your credit counseling crew will negotiate with creditors to get you lower payments with a lower interest rate over a longer period of time.
- Afterwards, they will help you establish a debt management plan that will get you out of debt for good in two to four years. If the plan will take more than five years, they may suggest declaring bankruptcy.
If you find yourself in dire financial straits, don’t just sit there getting waterlogged. Climb aboard with a debt counseling service instead and get the help they need.