Posted on
June 28, 2009
at
11:24 pm
i need help here. i have over $4000 in payday loan debt and i was wondering if a credit counselor can help me fix it? my hours were cut and the interest they charge me is just so crazy. is paying for the debt via counseling possible? or should i seek other alternatives?
Posted on
June 29, 2009
at
1:58 am
yup you can enroll your accounts with a credit counselor. They can help you pay off your debts pretty well
Posted on
June 29, 2009
at
4:23 am
Given that payday loan lenders have such high interest rates, yes, you may enroll your account with a credit counselor. These guys have a Debt Management Program that consolidates all your loans into one. Aside from that it cuts back your interest and stops late fees and other interest charges from adding up on your balance. So yeah, you can go ahead and enroll your account wtih a consolidator.
Posted on
June 29, 2009
at
5:15 am
Anna, a credit counselor can also help you create a workable budget and offer you seminars and training workshops on money and budgeting. Sitting down with a certified credit counselor also allows them to specifically assess your current financial situation and give you feasible pointers on how to cure your debts. DMP's are not the only options that credit counselors offer. Say if you enroll your account in a credit counseling service and they immediately offer the DMP without even going through your situation with you, the company may not be after your best interest. It's always best to steer clear from these types of companies.
Posted on
June 29, 2009
at
11:09 pm
wow okay thanks for the tips. so how long will i be part of the program? and how do i find out which credit counselor should i choose?
Posted on
July 6, 2009
at
4:47 am
If you enroll an account in credit counseling it takes 24-48 years for it to be paid off. When it's also enrolled in a debt management program, the interest may be lowered to 15% from the current rate, and late fees and other charges may be stopped. A non-profit company may work for you, because their services are typically free, but you need to make sure that the account is (501)(c) accredited. Proper accreditation helps; as what was stated earlier, other companies may not be after your best interest.
Posted on
July 6, 2009
at
4:48 am
Sorry for the double post--I meant
24-48 months, not years.
Posted on
July 6, 2009
at
5:48 am
Anna, you need to shop around first. Ask around from friends and family who have undergone a similar situation as you have. If you have a few companies in mind check out their rating at the Better Business Bureau website at http://www.bbb.org. The less complaints they have, the better. That means they practice good business and are after your best interests.
Posted on
July 7, 2009
at
3:01 am
Here's a list of credit counselors that are authorized to work in all of the states:
http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm Select the state that you're currently residing in, and you'll see a list of credit counselors whom you can work with.
