What is Debt Counseling?
Debt Counseling is another name for credit counseling. Debt Counseling is a process offering education about how to stop incurring debts and how to get out of debt.
Choosing a Debt Counselor
Most people agree that they don’t want to spend any more money than necessary to get out of debt. To avoid costly counseling, look for a nonprofit firm.
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How a Debt Counselor can help you
Your debt counseling agency may offer services such as counseling, a debt-repayment plan and budgeting advice. Your debt counselor may set up a one-pay plan for you or negotiate down your debt.
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Declaring Bankruptcy
If you feel like you have no option other than filing bankruptcy you are not alone. Approximately 800,000 Americans filed for bankruptcy in 2007. You must complete bankruptcy counseling before you can file for bankruptcy.
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Will using a debt counselor show up on my credit report?
Maybe. Some creditors see credit counseling as a bad thing and can issue an alert on your credit report. However, not paying your debts will look worse on your credit report.
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Calculate what you owe
Use the Young Money Debt Management Calculator to find out how much you owe. It’s easy just enter your credit card and outstanding loan balances and our calculator will help you determine length and amounts of payments.
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Try the Young Money Debt Management Calculator
