Tips About American Credit Counseling

Tips About American Credit Counseling


You have read all the hype and listened to all the commercials about American credit counseling, haven't you? Almost every one of them has promised to get you out of debt, eliminate your bad credit report and do it all legally. Right?

In addition you have heard many of them proclaim to be non profit. You begin thinking "Oh boy! There going to do it for free". Guess what? Don't you believe it! If you do you're in for a rude awakening.

Many of these companies that make these claims are just barely within the law. They aren't quite cheating you and lying to you, but they are pretty darn close. As you get into the fine print of their claims and contracts, you begin to discover the real truth.

First of all these companies can no more expunge your bad credit than the man in the moon. Much less do it legally. The only legal way to get bad credit off your credit report is to pay what you owe.

But the fact is every late payment, defaulted loans and other bad credit reports, including the record of your debt consolidation stays on your record. Currently all this information will be available to lenders, insurance companies, employers and others, for a period of seven years. What good are they then? You might ask.

The American credit counseling company can take the burden off your shoulders of negotiating with the companies you owe money to. They will set up a mutually agreed on plan with your lenders on consolidating all your payments; into one lump sum. There is also a chance they can get the interest rates lowered on your loans.

In addition they are expert at stopping the collection calls and may even be able to reduce your late and over balance fees. This is all well and good. But guess what, you can do it yourself, of course these companies don't tell you that. Why, because they want to get paid for their service.

Next let's talk about the non profit claims. It is true many of these companies can file for and be granted non profit status by the United States federal government. But everybody that works for those companies has to make a living. So you will be charged a fee for using there service.

You will be surprised to learn many of these companies don’t disclose these hidden fees to you. After you have contracted for their services you will send them your lump sum payment. However, prior to disbursing your money you were paying before; they take their hidden fee off the top.

What this means for you is the amount going to your lenders is less than what you thought you were paying. The possible end result being that it still takes you years to pay off the debt. Plus the fees could end up being more money than the lowered interest rates benefited you.

It is extremely important for you to get every bit of information you can from the American credit counseling companies. They can help you, but they can also make your financial situation even more desperate than it already is.

The Truth About Debt Consolidation Loans And Bad Credit

The Truth About Debt Consolidation Loans And Bad Credit


Debt consolidation loans bad credit is the cry heard more and more in today’s financial news? Have you become one of those borrowers who have found it extremely difficult to consolidate your outstanding debt because of bad credit? If you are the information contained here will give you a light at the end of the tunnel.

You like so many others in today’s world of instant gratification many have fallen into the biggest nightmare of all. Your credit was so good, 5 or more credit card companies’ extended more than $50, 000 in credit lines to you. Before you knew it you had maxed the cards out and borrowed on the equity of your home to try and pay them off.

When that didn't work you fell behind on all your bills including your house note. Within six months you had gone from a credit score of 725 to a low of 595. Which means you will now have difficulty getting any type of loan because of bad credit.

However, this doesn't mean all hope is lost. It means you are going to have work a little harder to find companies that will help you reorganize your debt. This is the only way you will be able to get debt relief and start rebuilding your credit.

There are financial organizations which specialize in debt consolidation loans bad credit applications. However, there are some drawbacks to working with these companies. Because of your bad credit history you are considered to be in a high risk category for payback of the loan or loans.

Many of these companies will take the risk of loaning you the money, but you are going to pay out the nose for the interest. On top of the interest you may have an upfront application fee, plus other fees buried in the fine print of the loan. The end result being you will end up paying back more money, to these lenders, than what you would have paying back your debts originally.

You need to understand not all of these companies are out to rip you off. Many of them are perfectly legitimate financial institutions which work with folks like you; with a history of bad credit.

When working with a good company, you may have to agree to pay a higher rate, but one that is much lower than the rates being charged by the credit card companies. In addition some these better companies will require you to undergo financial counseling. The purpose of this being to get you the necessary tools you need to keep from getting into trouble again with your credit.

These good companies want you to succeed in your plan to reorganize your debt. They will do everything they can to help you get your finances squared away. As you continue to work with them over a period of time you will see your credit score start to come back up.

You can recover from the strangle hold that bad credit and mind numbing debt have on you. It means you will have to work hander to find a debt consolidation loans bad credit company to work with you. However, if it puts you on the road to debt recovery and a positive credit history it will be worth all the extra work and cost.

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