| |
Credit counseling service
People who are saddled with debt from multiple sources work with Consumer Credit Counseling Services to outline a plan of budgeting and financial management that will allow the individual to meet their living expenses while making steady progress toward resolving their debt. Most often these Consumer Credit Counseling Services are non-profit groups and may even be funded by creditor entities.
To a large degree the Consumer Credit Counseling Service acts as a mediator or intermediary between the individual and the creditors. The service can negotiate with the creditors to extend pay-off periods or to alter other aspects of the credit terms in order to arrive at a successful repayment plan. By working with a Consumer Credit Counseling Service, it is often possible for individuals to become debt free, a goal that seemed impossible before financial counseling. It is not unusual for such a service to provide educational resources to help the individual remain debt free in the future.
More terms explained
|
|
|
