If you’ve found yourself buried in debt that you can’t seem to get out of, hopefully you’ve already been looking into some of the options available to you to deal with your situation. Using one of the non-profit credit counseling services currently available might be an option when getting help with your problem.
If you’re credit has really been badly damaged, you may even find it impossible to consolidate your debt. You should really try to get out in front of the problem as soon as possible, even if you feel like you’re in deep already). The best case scenario is to look into consolidating before you start missing payments. You’ll have a much better chance of qualifying for a consolidation loan and you’ll be more likely to get a competitively low APR that won’t saddle you even further. Applying for a credit card with a great 0% introductory rate might be one alternative to consider prior to consolidating, but be certain that you can either pay off the debt entirely within the introductory period OR that the ongoing interest rate after the introductory period expires will be more attractive than what you’re currently paying.
Some people turn to “credit counselors” that negotiate with your creditors on your behalf and try to secure a manageable interest rate for you moving forward. While getting a lower interest rate is great, you’ll likely be asked to pay an upfront free for these services and may have to pay a monthly fee in addition to that.
Most experts agree that one of the better options to consider is an organization like Consumer Credit Counseling Services (CCCS) to help with the process. CCCS is a non-profit, financial counseling agency that’s been around for a very long time and has earned a pretty solid reputation.
It’s one option that you might want to consider.
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