Do You Need Financial Help?

Are you having trouble making even the minimum payments on your credit cards? Do you struggle from week to week, paycheck to paycheck, because the money just doesn’t stretch far enough? Do you find yourself having to choose between whether to pay a bill or buy groceries to feed your family? Your creditors are constantly phoning you demanding payment, and you know that no matter what you do, you just can’t keep going this way. It doesn’t matter what brought you to this point in life, the main thing is to get some financial advice and help before the situation gets any worse. There are credit counseling agencies that have a staff of qualified, experienced counselors who can work with you, help you figure out the best way to straighten out your finances, and get you headed in the direction of eventual financial freedom.

It’s a horrible feeling knowing that you can’t provide for your family in the way you know you should, but there is help available that can significantly improve your present situation. A debt management program that is designed to assist people with financial problems may be the answer you are looking for. Before you can do this however, you need to find a credit counseling agency that offers the solutions you need. If you aren’t sure about these services, use the internet to do research, read reviews, and read about the programs available. Once you have done this, start to look for a credit counseling service in your area. Take the time to look into the background of the agency, check for legitimacy, and contact the Better Business Bureau for any information about the company.

Once you are satisfied that the agency you have chosen offers services that you can participate in, gather all your financial data in preparation for your initial visit. You will need to bring all your bills, amounts owed, proof of income, and a list of all your expenditures with you. The counselor who is assigned to you will need all this information to be able to help you. Once you explain that you are interested in participating in a debt management program, your counselor will explain in depth exactly what it means, what you can expect to happen, and how he or she will be able to assist you. The program will be developed with your particular needs in mind, and a certified credit counselor will speak to your creditors for you, letting each one know that you are voluntarily participating in the program.

Counselors speak with creditors all the time, and they are able to get your interest rates lowered significantly, which in turn, lower your payments. Most creditors are quite willing to work with the debt management participant, because they know they will be paid even if the interest is eliminated or reduced. The harassing phone calls will stop, and in many instances, the late charges that have accrued will be erased from your account. Once the counselor has contacted all your creditors, arrangements will be made for you to begin paying off your debts with a payment that you can afford. This is a once a month amount that will be worked out according to your financial means. This monthly payment is usually significantly lower than what your payments have been.

Every month, this payment is distributed to each of your creditors, who have agreed to accept this lower amount, allowing you to pay off the debt over a period of time, usually three to five years. To remain in the debt management program, you have to make sure that the money is available for these payments to be dispersed. Failure to do so will result in you defaulting on your agreement, and the creditors can take steps to begin collection.

You will find that you now have the money to care for your family, keep food on the table, and buy the necessities you once did without. A debt management program is not a “cure-all,” but a way for people to get out from under a ton of smothering debt. You will be taught how to live on a budget so that you don’t find yourself in this situation again, and your credit counselor will work closely with you, advising and offering sound financial suggestions and tips for avoiding the pitfalls of debt.