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Samantha

Getting credit at a preferable interest rate isn't that easy for all; but managing the available credit is even more challenging. Most debtors fail to make out how much credit they can afford to pay down and lead a debt-free life. They reach a state when they fail to decide as to how they can get out of debt.

When you fail to keep up with your payments, you come across frequent calls from creditors, asking for the loan payments. You may also be approached by debt collection agencies. If you have taken a mortgage loan, your lender may ask you for a foreclosure. All these give you the warning signs of your credit profile being damaged, and this is when you should think of consulting a credit counselor.

Here are some instances that can help you to make out if at all you need professional help from a credit counselor.

You are able to meet only the minimum monthly payments on your accounts and often less than the minimum.
Your total credit card balance has exceeded your income level.
You have a number of many credit cards that are almost used up to the maximum amount available.
You are using another credit card just to pay off an existing card.
You are not exactly aware as to how much you owe to the creditors.
You are making essential expenses like food and fuel by using your credit card.
You are withdrawing all your savings and your retirement money in order to clear your bills.
You are receiving calls or letters from creditors regarding missed or late payments. And, you don't seem to be confident about making all your payments regularly in the near future.
You develop the habit of signing credit cards with unsolicited offers.

You can surely deal with some of these problems on your own. Keeping a record of your expenses with respect to your financial status will help you to some extent. Based on this record, if you can prepare a budget and follow it accordingly, you will be able to keep a check over unnecessary additional expenses, and utilize the amount in paying down your debts.

While you take such initiatives to get out of debt, also consider attending credit counseling sessions for an extra edge. But prior to seeking professional help, prepare yourself with the details of your current expenses, savings and debts. With all such information at hand, the counselor can guide you with some quick solutions to your debt problems.

Guest

i have no job,own my house,well the bank does and going through a divorce. wife left me with all debt. other than a free bankrupcy lawyer or a job i feel cc will waste time i could look for a job or sell my house, i,m a private person and want it to remain so. any comments? i have a mondy appt. that i really dont feel like going to. jeff

Niicss · Posted: Thu Jul 10, 2008 6:22 am Post subject:

Welcome jeff.

Sorry to hear your situation. if you cannot afford the mortgage monthly payments then first off all contact with your mortgage company and inform them your situation. You can try to sell the property to pay off the mortgage company but how much do you owe to the mortgage company?

smckaybiz · Posted: Thu Jul 10, 2008 8:00 pm Post subject:

If the cc is free than why not. Some credit counselors will not only show you how to manage your credit better but they may also be able to show you how to try to renegotiate your debts with your creditors so you can manage them better.

One of the biggest mistakes people make when going through such financial difficulties is that they just try to avoid their creditors thinking that eventually they will go away. You should consider contacting all of your creditors and honestly explain the situation you're in to see if they can help you to lower your interest rates or monthly payments.

jasonpolito · Posted: Mon Jul 14, 2008 7:23 am Post subject:

Credit counseling has helped many of my clients over the past couple of years, and I def. recommend it if you are in serious debt. IMO, your situation would work.

Guest

was told that credit counseling was apart of filing bankrupcy . is their 800 # to call or web site to look at ?

gmakerley · Posted: Wed Jun 08, 2011 7:39 pm Post subject:

Ms. Bell, who told you that? I suggest going back to that person to discuss it further, and find out what counseling agency or company that person would recommend for you.

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