What do consumer credit agencies do?
Consumer credit agencies help you consolidate the debt you have from buying too many things with your credit cards. People who accumulate a lot of credit card debt over time often have problems paying it off. Buying items on credit is convenient but can cost you more with interest charges over the long run.
If you have a lot of debt spread out over several credit cards, you are likely paying a lot of interest charges on it. Consumer credit agencies work with the banks you have credit cards with to get your interest charges lowered and help you get your bills paid off sooner. From financialplan.about.Com -quote Many people are living paycheck to paycheck and are worried about overdue bills and debt collectors.
Not knowing how to develop a good budget leads some to consider using a credit counselor. Consumer credit counseling agencies are nonprofits that will help you find a workable solution to financial problems. -endquote Therein lies the problem.
It is true that if you work with a consumer credit company it kills any chance you have of getting a future loan of any sort. Working with a consumer credit company will help you get your credit cards paid off faster.It will also ruin your credit score. You needed help to pay off debt you created.
No bank will want to loan money to someone who couldn’t manage the credit they already had without help.
Consumer credit agencies taking advantage of those who can least afford it, for answers and advice I turned to Steve Bucci, President of Money Management International Financial Education Foundation*, former president of Consumer Credit Counseling Service of Southern New England, nationally syndicated Debt Advisor columnist for Bankrate.com, and author of "Credit Repair Kit for Dummies.".
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