Debt Consolidation Programs That Are Effective In Wiping Out Your Credit Card Debt
Debt consolidation programs help you eliminate your credit card debt and give you some breathing room by lowering your monthly payment.
Credit counseling agencies usually can perform the following:
1. get unpaid interest, late fees or other charges waived off.
2. reduce your interest rates, therefore lowering your monthly payments.
3. Set up a budget plan.
Generally, debt consolidation programs updates your financial situation after every 6 months or so. In case your situation changes, you should inform the credit counselor about it immediately. The consultant will re-evaluate your situation and then request that your creditors offer you a different payment plan if required. He will also help you with budgeting and money management tips so that you can organize your finances effectively.
If you do decide to use a debt consolidation program, be very careful whom you choose. Shop around. Not all debt consolidation programs are created equal. You don't want to be taken advantage of and end up paying large fees with no debt reduction to show for it.
Also, just because the credit counseling agency says they are non-profit, that isn