Tuesday, October 28, 2008

The Basics Everyone Must Know About Credit Counseling

By Don Pedro

You are probably afraid to borrow to buy that parcel of Real Estate that you've got your eyes on. Well, here's the good news: you are not alone here. A lot of folks are equally scared because they are not sure how they'll ever be able to make the money to pay back. What you need is to see a credit counselor.

Tired of being an all time loser? It's high time you saw a credit counselor. Well, he's a regular guy like you, except that he knows a little more about credits and debts than you do. With his advice you just might turn your life around.

Even a loan shark can be a friend when you map out a payment plan for them that they cannot fault. Something like this will take some serious counseling from a professional who knows best. In the end though, you will be getting what you want.

It is possible to have negative marks on your account when credit scores are calculated with your bank. This is probably because you missed out on payment for a couple of months back there. These marks count against you and you perhaps get a raised interest on monthly paybacks. The way to turn this around is through a debt management plan, and the way to get that is through credit counseling.

Do you need your creditor to like you again, especially after you have faulted payments on your account for a couple of months? If yes, then that's why you need credit counseling to draw up that debt management plan that can cause them to rethink your position. It might take a bit of time, but inevitably they can give you a fresh start.

1993 saw the realization of the Association of Independent Consumer Credit Counseling Agencies, AICCCA. It was designed to complement the work of its longtime forerunner, the National Foundation for Credit Counseling, NFCC, with better transparency and accountability. In addition, it was meant to foster more of telephone delivery and debt management. Good thing it's working.

One great way to get reduced interest rates on money you borrow from a credit bank is to have a debt management plan. One great way to get a debt management plan is to have a credit counselor do it for you. And that is the trick to getting rich.

Prior to filing for bankruptcy, you need to be getting credit counseling. In the United States, it actually is law. Even after the filing of your bankruptcy, you still need some debtor education credit counseling sessions or else your request is thrown out of the door.

With credit counseling, you can start from the scratch to build a credit history for yourself with your bank. Once they are able to trust you, you could be getting some benefits from them that can be quite dumbfounding. One good example is the fact that they might charge less interest from you than they would to others.

With credit counseling you can "cure" your account with a creditor. Even though you may have missed a few payments, you don't have to be paying higher interests. Instead, you can pay bigger sums and have it all wiped out within three or four years. - 15465

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