Do I Need Credit Counseling?

Money is tight. Bills are piling up. Like most people, you are probably wondering what your options are. There are many services available to help consumers get out of debt and payoff creditors. You may have heard about credit counseling services that aim to help you eliminate your debt.

Benefits

Credit Counseling serivces are always a good idea for anyone looking to get out of debt. A reputable credit counseling agency will be able to provide  you with many tools that are beneficial in a debt management process. The credit counseling agency offers courses on money management, retirement and savings and general financial planning.

One of the best services they offer is a debtor education course. This is an instructional course that teaches you about the ins and outs of debt management. You will learn how to create a budget, tricks on how to stick to your budget and the importance of tracking your spending. This course also teaches you about credit pitfalls and how to use credit wisely.

A debtor education course can also provide information about different debt reduction strategies, including debt negotiations, debt settlement and bankruptcy. In fact, if you decide to file for bankruptcy completeing this course is required by law.  As of 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act require anyone filing for bankruptcy to complete this course before they can obtain a discharge.  As with any industry, there are non-reputable agencies in operation looking to make money off of those in need. A qualified credit counseling company will be registered with the U.S. Department of Trustees.