You might be able to fix your situation with a DIY debt consolidation technique if you catch it early enough. That starts with budgeting and might include credit card refinancing.

It works if you have a qualifying credit score or higher and your debt amount is low enough that you can pay it off in the introductory period. The strategy they advise might cause temporary dips, but you will ultimately come out ahead if you see the plan.

Many of the services offered by nonprofit counseling organizations are free, including the initial consultation.

The fees are charged to cover expenses, if you choose to enroll in a debt management program, which usually has a set-up fee and monthly charge.

An NFCC report showed that member agencies counseled 1. If the consumer chooses to participate in debt management programs, debt settlement or debt consolidation allow a 3- to 5-year window to complete the program.

If you expect it to take longer than that to settle your debt, it may be wise to file bankruptcy. Asking for credit counseling has no effect on your credit score.

However, participating in one of the programs will have an effect. If you choose debt settlement, the lender will report the debt as settled for less than what was owed and that almost always has a negative impact on your credit score.

The strain of constantly owing money can disrupt your entire life. Credit counseling is not a magic wand that allows you to wave your troubles away. But it does offer tools for debt help and the knowledge to use them. You can take it or leave it. Max Fay has been writing about personal finance for Debt.

org for the past five years. His expertise is in student loans, credit cards and mortgages. Max inherited a genetic predisposition to being tight with his money and free with financial advice. He was published in every major newspaper in Florida while working his way through Florida State University.

He can be reached at [email protected]. org wants to help those in debt understand their finances and equip themselves with the tools to manage debt. Our information is available for free, however the services that appear on this site are provided by companies who may pay us a marketing fee when you click or sign up.

These companies may impact how and where the services appear on the page, but do not affect our editorial decisions, recommendations, or advice.

Here is a list of our service providers. Credit Counseling. Choose Your Debt Amount. Call Now: Continue Online. What Happens in a Credit Counseling Session? Benefits of Credit Counseling Simply stated, a good credit counselor can help you pay off debts and avoid getting back into a hole.

To get to that happy place, here are some specific steps. Review your credit report : A good credit score is essential to getting a decent interest rate on credit cards and bank loans. Credit counselors will scour your report for inaccuracies that, if corrected, could boost your score. General budgeting : Counselors will help identify all your sources of income and debt and design a budget to keep revenue ahead of expenses.

Debt management plans : Counselors will work with creditors to consolidate your debts into a single monthly payment with a lower interest rate. These plans typically pay off debt in A counselor will help you decide and then guide you through the process. Housing counseling: Can you afford to stay where you live?

Is renting better than owning? Is it wise to restructure your mortgage? Counselors can help answer these questions and keep a roof over your head. English Español. Credit counseling services that assist with debt: Usually non-profit organizations Advise you on managing your money and debts and help you budget your payments Reach agreed upon payment plans or agreements with your creditors to ensure that the creditors will not pursue collection efforts or charge late fees while on the plan Usually do not negotiate any reduction in the amounts you owe - instead, they can lower your overall monthly payment Do not advise you to stop paying your debt, but may help negotiate your monthly payments Payment plans do not usually have tax implications Debt settlement companies: Usually are for-profit companies that charge a fee for their services.

Generally, these companies cannot charge you until after they perform services Offer to arrange settlements of your debts with creditors or debt collectors Often have no up-front agreements with creditors.

Some creditors will not negotiate with debt settlement companies Typically offer to pay off your debts with a lump sum payment that you save up in an independent account that you control Usually advise that you stop paying your creditors until a debt settlement is negotiated with creditors, which may damage your credit and result in your being sued Debt settlement may involve debt forgiveness, which may have tax implications.

Credit counseling Credit counseling organizations are usually non-profit organizations that advise you on managing your money and debts.

Debt settlement Debt settlement companies offer to arrange settlements of your debts with creditors or debt collectors for a fee. Fees The Federal Trade Commission has adopted a rule that says you can't be charged a fee until the debt settlement company has met three requirements: A successful result must be reached.

The debt settlement company must have renegotiated, settled, reduced or otherwise changed the terms of at least one of your debts. You must agree to the settlement agreement, debt management plan, or other result reached by the debt settlement company with your creditor or debt collector.

You must have made a payment to the creditor. You must have made at least one payment to the creditor or debt collector as a result of the agreement negotiated by the debt settlement company. Other information to keep in mind Many creditors will not negotiate with debt settlement companies.

Also, many creditors and debt collectors will not negotiate how much they will settle for. Instead, they will have standard policies about how much loan principal they will forgive when you haven't made payments for a certain period of time.

This means debt settlement companies usually can't get better terms than you could get by negotiating with your creditors and collectors yourself. Debt settlement companies cannot guarantee the amount of money or percentage of debt that you might save by using their services. They also can't guarantee how long the process will take.

Beware of companies that say otherwise. Do you offer free educational materials? Avoid organizations that charge for information. What are your fees? Are there set-up or monthly fees? Get a specific price quote in writing. Although most credit counseling organizations are non-profits, credit counselors may charge fees for some of their services.

What if I can't afford to pay your fees or make contributions? If an organization won't help you because you can't afford to pay, look elsewhere. Will I have a formal written agreement or contract with you? Don't sign anything without reading it first.

Make sure all verbal promises are also in writing. Is the organization or counselor accredited or certified? Find out about what training or professional certifications the counselor has received. How are your employees paid?

Are the employees paid more if I sign up for certain services, if I pay a fee, or if I make a contribution to your organization? If the answer is yes, consider this a red flag and go elsewhere.

Can you provide contact information for two or three past clients?

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