Millions of Americans turn to credit counselors each year for help in whittling down the mountain of debt they have amassed. Consumer credit counseling agencies assist consumers in finding solutions to their financial situation regardless of the cause—too much debt, the sudden loss of a job, unexpected expenses, or a combination.
Consumer credit counseling agencies can usually get card companies to lower your interest rates and eliminate some late fees. Card companies prefer customers who enroll in credit counseling programs because at least they’re paying, even if they’re doing so slowly. Actually, consumer credit counseling agencies help both you and creditors because the debt management plan serves the dual purposes of systematically helping you pay off debts while assisting creditors in receiving outstanding amounts owed to them.