Debt Counseling Limitations
What debt management programs cannot do for debt relief.
We find Counsellors to
be a wonderful tool to help you understand your debt problems, solve them, and
move on. Considering that money problems are so wide spread today, taking the
steps necessary to understand and resolve these issues in your own life is the
only way to really
be successful in debt management.
It is very important that you include every debt and expense in your money management
budget. All the debts and expenses included in your budget are taken into consideration
when CCCS negotiates on your behalf.
However, there may be some debts that they are unable to place into your debt
repayment plan including:
- Secured debts, such as mortgages and car loans
- Current bills for utilities
Some debts will be considered and may be included on a case by case basis. Some
of these may include:
- Past due portions of utilities
- Past due taxes
- Judgments
More Limitations
Debt Counseling Services cannot reduce the principal you owe on a debt. To reduce
principal balance on debts, you may want to consider
debt
negotiation & debt settlement services.
CCCS Debt Counseling cannot freeze your credit rating, or protect your
credit. They will not report your participation in their debt management
program to credit bureaus. However, some creditors may report which could negatively
impact your credit rating. If you maintain your obligations under the Debt Management
Agreement, any negative impact is greatly reduced. Once you have made 3 or 4
months payments under your DMA, most creditors will reage your account and place
it's status as current in your credit report.
Counseling Essential Preparation
You can now see why it is so important to have a draft of your budget ready
when you consider debt counseling.
If you don't know what you can afford
to pay, you won't be able to make an educated decision as to whether debt counseling
is right for your financial situation.
Learn What You Can To Prepare
Tools and resources are provided to help you with
money
management skills that will teach you to create a budget you can live with,
educate you about your personal finances, and start you on the road to true
debt relief that will last a lifetime.
If you are absolutely overwhelmed with credit card debt, then you need to check
out
debt consolidation/settlement.
For
a free consultation, click here.
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Debt Counseling Limitations
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Debt Counseling and what debt management programs
cannot do for debt relief.