Debt And Credit Counseling Services
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Credit Counseling Why It Doesnt Work For Most Debtors
By Charles Phelan
"Cut Your Payments in Half!" the headline screams. Consolidate Your Bills into One Low Monthly Payment!"
When you see ads like this, they are often from Credit Counseling firms. In this article, I'll explain the principles behind the Credit Counseling approach and discuss the main problem consumers face when they join one of these programs.
First, let's get our definitions straight. The term Credit Counseling" is actually quite misleading, since it has nothing to do with preserving or improving your credit score. In fact, Credit Counseling will often damage your credit, an unpleasant reality that is sometimes downplayed by industry representatives.
Credi...
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