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Credit Counseling and Debt Consolidation

Not all credit counseling and credit card debt consolidation services are equal! Knowing the difference between the different types of services offered and the different types of companies can help you make a more educated decision when trying to choose the right one for your specific situation.

For the most part, there are two types of debt consolidation systems. The most common of these is a standard debt consolidation or credit counseling program. These types of companies generally offer a repayment program where you pay one monthly lump sum which is then dispersed to your creditors at a reduced interest rate. These companies come in both for-profit and not-for-profit versions. Make sure to check the Better Business Bureau for more information on the company you're thinking of doing business with.

The next most common form of debt consolidation is a debt settlement program. These types of programs generally require a monthly payment which is deposited into a seperate bank account and then used to pay of your debts at a reduced sum.

The negatives of debt settlement system is the mark that will be left on your credit report once the debt is settled. Make sure to find out from the company you're speaking with about the affects their system could have on your credit report at the end of their program.

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