Consumer credit counseling service

As the Syracuse business community fights to recover from the recession the planned merger of

Consumer Credit card debt Service of Central New York with a Virginia company comes as no surprise. It

is anticipated that this merger will strengthen the resources of the consumer credit counseling service

here.

Credit card counseling is generally the best known of the pure debt relief options, having been around

since the early 1990?s. The service was originally provided to consumers by non–profit organizations like

The National Foundation for Credit Counseling and its affiliates, Consumer Credit Counseling Services.

While mostly unknown to consumers, the organizations were designed and backed by the credit card

companies to act as a mediator between consumers and credit card companies. The counseling

organizations would then “negotiate” lower interest rates and monthly payment plans for

consumers that had fallen behind on their payments to keep them on track with payments instead of

walking away from their debts. These marginally lower payments are the primary benefit of credit

counseling.

This service is a debt elimination service that has many advantages and debts that would encourage you

to invest in. First and foremost, it helps you eliminate debt! They take the time and effort to go over your

personal expenses and sort out a payment scheme with your creditor to help you free yourself from debt.

Also, they can help you with harassing collectors and divert those calls to their company so that you?d

have stress free weekends.

Unfortunately, other credit card companies have taken a position of turning you over to a Consumer

Credit Counseling Service (CCCS). In fact three consumers told me that as they said the words

“financial hardship” the credit company said that the consumer needed to speak with a

CCCS. The consumers were immediately placed on hold and the call was directly transferred to a CCCS.

The CCCS then takes information about all consumer debt, runs a computerized program and tells you

how much you can save in monthly payments through them. All three consumers needed a savings of

almost a thousand dollars a month. The CCCS, who already has approval from credit card companies for

rates and terms, was able to save the consumers a little money per month. Not nearly the reduction

amount the consumers needed. Each consumer was then told by CCCS they should file bankruptcy.

The first step is to stop using those credit cards. The interest rates and penalties are already spending for

you. You don?t need to add to the mess. ?What if I can?t get to work unless I use a card for the gas??

Doubtless, there are situations where you may have no choice. On the other hand, you need to

immediately sit down and scrutinize your expenditures. You?ll be amazed at how much cash you can

keep in your pocket if you really put your mind to the task.