Guest Article: Debt Counseling

Debt Counseling Could Be Your Next Financial Option If You Do Your Homework

By Jeffrey Sterner

If you are overwhelmed with debt, don’t worry; you’re not the first person to get tangled up in debts without knowing what you were headed for and you certainly will not be the last.
However, if you feel as though you are absolutely drained from the never-ending debt cycle, now may be as good a time as any to really sift through that financial advice you keep finding out there and make a change. If debt-free living is your ultimate goal, that may be something that can be accomplished through some kind of debt counseling. Debt Counseling can reduce your monthly payments to get you on the road to financial freedom. But before you jump from the frying pan and into the fire, make sure you ask these hard hitting questions of your potential debt counselor:
What Are Your Services? Maybe the most obvious question for a debt counselingservice is what exactly do you do? How can you help me in ways I can’t help myself? If this debt counselor begins talking in all kinds of smooth-tongued platitudes about how they will fix all of your problems, you may wish to bid them adieu. However, if your debt counselor promises you a structured approach and can back that up with data, then that may be something worth considering.
What Are Your Results? This is also pretty important because you want to be sure you are dealing with an industry leader, and you want to be sure that they have helped others like you in the past. If this debt counselor can show you people who were in the same situation as you and the outcome of their being involved, then you can see clearly how the debt counselor attacked the problem and the resulting outcome.
What Are My Obligations? Debt counseling is going to go both ways. Your counselor won’t be able to settle debt problems without some input from you. You need to press this debt counselor for what exactly your obligations are going to be. If they can’t tell you what is required of you along every step of the way -the information they need, what changes you have to make in your daily routine, if and when you can cancel the service- then this service may not be worth your consideration. However, if they can clearly spell out a path for you to get out of debt, it might be worth the look.
Homework: Once you have compiled all your information and you know exactly what is involved of you (a printout is helpful), then it’s time to do some homework. Call some of the credit providers to see if they do business with this group. The credit card companies can’t tell you too much but they should be able to identify this group as legitimate or not. Then go to the consumer watchdog sites, Better Business Bureau and such, and read reports from consumers who have used this debt counselor before and find out if they were satisfied or not.
Debt counseling in many cases is just overwrought financial advice. However, some debt counselors have the know-how and experience to pull some strings for you so that you can get a clean break from your former creditors and begin your credit life anew.

Jeffery Sterner writes and blogs about personal financial well-being and issues that influence it for, America’s Debt Help Organization.

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.