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Best Consumer Credit Debt Counseling Services

Debt is something that most working Americans today must deal with sooner or later. No matter how bad, debt doesn’t have to be an overwhelming burden. Even if you find yourself mired in it, with the right consumer credit counseling services and advice, you can work your way out of debt and learn to manage it effectively in the future. They key is to be well prepared and well informed.

Consumer debt consolidation is a long-term process, one which requires financial discipline and a solid plan. Unfortunately, many people who’ve allowed themselves to sink deep into debt have done so in part due to a lack of financial discipline and solid money plans. People who undergo some kind of debt consolidation process must be willing to make the sacrifices that are needed to become debt free. This is not to say that consumer debt relief methods are ineffective, but rather that people should be well prepared before they enter into any given debt relief program (whether it be credit card consolidation, debt settlement, or chapter 7 bankruptcy). There is no fast magical solution to get you out of debt. The first step is to educate yourself about your options and talk to an advisor at a reputable company that provides certified consumer debt counseling services or debt settlement services.

At my aim is to serve as a comprehensive resource where you can connect with trusted consumer credit counseling service and debt settlement professionals that will help you on your way towards debt recovery and financial security. I understand how important choosing the right debt relief company is, so I direct you to only the best consumer credit counseling services and debt settlement companies I have researched and personally met with. You’ll also find a wealth of helpful articles on all topics related to consumer debt and debt relief, so that you are well prepared to ask the right questions and get started on the path towards financial recovery.

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Other Consumer Credit Debt Counseling Articles

Using a Professional Financial Debt Solution – What Tax Effects?

: December 3, 2009 12:49 pm : Consumer Debt Solution

You must be aware of tax effects of the solution you select. Yes, depending on the type of financial debt solution you choose based on your situation there may be tax consequences. For instance, there are no tax changes for you if you enter into a debt management program as that is a process that entails you paying back everything you owe, just with a lower interest rate attached to it.

However if you decide a debt settlement program is what you need to get out of debt, then you need to be fully aware of the IRS tax implications. For some odd reason the IRS tax code is written such that it assumes the savings you get when a debt settlement company successfully negotiates down the amount you owe, is taxable income. So yes, the difference between the money you originally owed and the amount you actually pay will be taxed.

It is important to understand this and more importantly, plan for it. A good debt settlement company should discuss this with you upfront so you can set aside the money as part of your monthly payment. That way you will not go from being free of credit card debt into a situation where you are in debt to the IRS (not something you want to do).

There is a chance that given the state of the economy, the Federal Government will alter this law which hurts people trying to fix their financial problems…we can only hope aa we wait and see.

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How Do Consumer Credit Debt Counseling Companies Work With My Creditors?

: November 30, 2009 11:47 am : Consumer Debt Solution

The two primary forms of unsecured credit card debt relief are debt settlement and debt management. The latter is a service offered by consumer credit debt counseling companies who work very closely with the credit card companies to develop programs that allow you to repay what you owe over time.

These programs include creating a new financial budget for you that consolidates your credit card bills and helps reduce your totals payments through an interest rate and fee reduction.

Consumer credit card debt counselors already know the amount of the rate reduction they can offer you after they assess your financial situation. They do not have to negotiate it with your creditors one by one. They have a formula they use that has been predetermined by them in conjunction with all the credit card companies as they work closely together. In fact, they make their money in two ways:

1. From a set up and monthly management fee they will collect from you

2. From payments the credit card companies make to them for helping you manage your finances.

Why do the credit card companies pay them? Because they want to get paid back what you owe them and without debt management companies many consumers would end up with a debt settlement company that will reduce the balance owed. The result, they would take a loss vs. just less interest income.

So consumer credit debt counseling companies work in tandem with the credit card companies and are actually paid by them to help you get in front of your debt problem before it gets out of your control. They make more money that way.

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What Consumer Debt Relief Solutions Are Available?

: January 15, 2007 9:55 am : Consumer Debt Solution

There are several debt help relief solutions available to consumers. What’s best for you depends on your own financial situation.

  • Do you have a home that’s worth more than you owe?
  • How much unsecured debt (most common type is credit card debt) do you have?
  • How much income do you have?
  • How important is your credit score to you?
  • How bad is your situation?
  • Are you currently behind on any payments?
  • Could you possibly give up your credit cards?
  • Have you ever filed bankruptcy before?

So as you can see there are many factors you want to take into consideration. Your first job is to determine the best consumer debt relief solution for you. The basic most common solutions are:

  1. Debt settlement to reduce your unsecured debt balance
  2. Debt management to consolidate your debt and lower your interest rates (if you do not have a home with equity)
  3. Refinancing your home to consolidate your debt (if you have equity in it) to pay off your credit cards
  4. Bankruptcy

Each solution should be considered based on your individual circumstances. I suggest you continue to do research on this website to see which option may be suitable for you and then contact a few companies to ask questions and get quotes. Use my interactive tool and watch this video on debt help to help get you started in determining what debt solution is best for you.

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