When you are staring at a mountain of debt, you may become completely overwhelmed by the phone calls, and all of the collection letters that you are receiving in the mail. Couple all of this with your other obligations, you may not see any other alternative other than bankruptcy. Before it gets to that point, you may want to consider a credit counselor.
The best way to find a reputable credit counselor is to contact the National Foundation for Credit Counseling. They can be reached at 1-800-388-2227, or online at www.debtadvice.org. A reputable debt counseling organization will negotiate with your creditor on your behalf to accept a lower payment, and in some cases lower your interest rates. Once this is done, your debt counseling company will work with you to identify a payment plan that fits your budget that you agree to pay on a monthly basis. These organizations typically charge a low monthly fee ranging from $25-$39 per month. Be cautious of those charging extremely high fees. As you shop for a credit counseling program, choose one that is right for you.
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