What is Credit Counseling? Is it Right for Me?

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All of the terms associated with getting out of debt can get so confusing that you may end up not even understanding which service(s) you could benefit from. That’s why we’re putting out a Back to Basics series, explaining many of the most common terms we use regularly. Look for a new Back to Basics post every week.

What is Credit Counseling?

Just as a marriage counselor sits down with a married couple in order to evaluate the state of their relationship, a credit counselor takes a good look at your finances. He will then work with you to design a plan of action that will see you paying off your debts faster, spending less money on non-essentials, and putting more money into savings.

Typically, you’ll be seeking credit counseling when you’ve found yourself deep in debt with no end in sight, but you can also seek this kind of help if you don’t have a lot of debt but want to save for retirement, pay for your child’s college education, refinance a loan, and more.

During your credit counseling sessions, you will essentially receive an education about how to improve your ‘Money IQ.’ This means that credit counseling is not just a temporary quick fix; you will learn how to maintain financial stability for good.

Who Provides Credit Counseling Services?

Firstly, you should know that there are many credit counseling services in business today who use unethical and often illegal methods to attempt to get you the results you want.

It is important to choose wisely when looking for help with your finances. If you have a lot of debt and need assistance negotiating with lenders, look for a certified and experienced NJ debt settlement law firm.

Many credit counseling services will claim to be able to help you settle your debts in addition to providing you with credit counseling assistance. The truth is that they usually don’t have the ability and necessary knowledge required to negotiate with lenders or to help you file for bankruptcy. All too often, debtors end up even deeper in debt after working with a so-called ‘credit counseling company!’

When you work with a certified debt negotiation attorney, you’ll be in good hands. Look for a New Jersey credit counseling law firm that also specializes in debt restructuring, bankruptcy, credit repair, asset protection and real estate matters (especially if your debt has pushed you into or toward foreclosure.)

How Much Does Credit Counseling Cost?

While you may be able to find a company that will quote you a remarkably low price for their services, remember the saying: “You get what you pay for.” Also – keep in mind that these companies are routinely engaging in fraudulent methods (scams) that have them promising results to customers that they simply cannot, and will never, deliver.

Rather than paying an uncertified company for credit counseling services that’ll get you nowhere fast, consider paying someone who really knows what they’re doing and get a huge return on your investment!

It can be a knee-jerk reaction to balk at the thought of hiring an attorney, but when you find the right certified New Jersey bankruptcy attorney, he will always have valuable experience in the areas of credit counseling and debt negotiation.

Will you have to pay an attorney to teach you how to get out of your unfortunate financial bind? You definitely will – but it will be more than worth it when your debts are either completely discharged (via bankruptcy), negotiated down to much lower amounts, or refinanced and restructured.

Do you think you could benefit from some high quality credit counseling? Would your life be less stressful if your finances weren’t constantly on your mind? If you want to learn more about our credit counseling program – call today and we’ll set up your free consultation. [(732) 852-7295]

We are happy to consult with you in our offices or over the phone, and we look forward to helping you.

Image credit: Coalition for ICC
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4 Responses to What is Credit Counseling? Is it Right for Me?

  1. Pingback: Bankruptcy Legalese: Translated (Part 1) | Veitengruber Law

  2. Pingback: Bankruptcy Legalese: Translated (Part 2) | Veitengruber Law

  3. Pingback: Can They Do That!? Illegal Tactics of Debt Collectors | Veitengruber Law

  4. Pingback: How to Buy a Home With a Low Credit Score | Veitengruber Law

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