When it comes to debt advice–or advice about how to cope with debt–there are any number of places where you can go. If you have a parent who is just a financial whiz, he or she would be a good place to go for debt advice. Barring this, you could go to what’s called a consumer credit counseling agency. Many of these agencies are nonprofits and offer their services free or charge just minimal fees. The reason why some don’t have to charge is because financial institutions such as banks and credit card companies subsidize them. These lenders have learned that’s in their self interest to help consumers get out of debt rather than to see them end up filing for bankruptcy.
The downside of credit counseling
First, the advice you get from a consumer credit counseling agency won’t be objective. It will be biased towards getting you to pay all your debts. Second, you will have to give up your credit cards and make sure you do not run up any new debt until you have completed your payment plan.
Your bank or credit union
A second alternative for debt advice is to go to your bank or credit union. It could probably help you with debt advice in the form of a debt consolidation loan. There are some advantages to this type of loan–primarily that it will consolidate all your debts into one monthly payment that will be less than the total of the minimum monthly payments you’re now making. However, you would probably have to get a secured loan or one that’s secured by an asset such as your house. Again, any debt advice you get will probably be biased in favor of “selling” you a debt consolidation loan.
The third place to go for debt advice is a website that specializes in advice about handling debt. There is a raft of these available. If you search Google on the term “how to get out of debt,” you’ll find page after page of listings with advice about debt or want to sell you a debt consolidation loan. One of the listings you’re likely to find is based on advice from the financial guru, Dave Ramsey. He believes that debt consolidation is just a “con job” because as Dave puts it, you just can’t borrow your way out of debt, which incidentally is very good debt advice.
A Debt consolidation company
There are online debt consolidation companies that are more than willing to provide you with debt help. However, theirs will always be the same–to let them consolidate your debts. Some of these debt consolidation companies are very honest and ethical and will help you consolidate your debts but do charge for this. Others are basically scam artists who will take your money and just keep it. It really pays to do your homework before hiring one of these companies or you could end up in worse shape than when you started.
There are many and I mean many financial blogs that offer debt advice. For example, the site www.debtconsolidationcare.com offers free counseling and analysis. It provides relatively unbiased information about debt consolidation, debt management, debt relief and the pros and cons of filing for bankruptcy. Other blogs where you can get debt advice include www.wellheeledblog.com.
We’re also a bit biased
Truth be told when it comes to debt advice we’re also a bit biased–in favor of our debt consolidation providers. They offer a simple 100% satisfaction guarantee. We’re so confident that we can help you achieve your goal of becoming debt-free in a reasonable time, that if you are ever unsatisfied with our recommended debt relief programs you can cancel at anytime without any penalties or fees. In other words, there’s no way you can lose. You’ll either get a payment plan you like and can afford or you’ll pay nothing