Credit Counseling Review

Prepare for credit counseling to save time, and help your counselor give you the best advice.



Here are the basic steps to prepare for credit counseling: During your first consultation you may be told whether or not you qualify for their services (yes, you do have to qualify). However, if the counselor needs to do a deeper review of your financial situation after the first consultation, it could take longer to notify you.

Qualifying for The Debt Management Program is usually pretty straightforward: After your first consultation, the debt consolidation service may obtain a copy of your credit report, contact creditors, prepare a list of recommendations, and draft the Debt Management Agreement (DMA) outlining what they will do, what you need to pay, etc.

At this point, you will likely have another consultation, again free, either by phone or in person. You will receive a copy of the proposed DMA to review, and accept, if you decide to use their services.

Making Payments For Credit Counseling

If you enter into a Debt Management Agreement with CCCS, you will be making monthly payments directly to them. They will deposit your payment in their escrow account, then issue checks to your creditors in accordance with the DMA each month.

In most instances, you can make weekly instead of monthly payments if it fits into your budget better. The only restriction is you need to make sure the minimum monthly payment is paid on time.

If you are absolutely overwhelmed with credit card debt, then you need to check out debt consolidation/settlement. For a free consultation, click here.

CareOne offers consumer credit counseling.

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Preparing for credit counseling and debt consolidation.