Can’t get out of Credit Card Debt?

If you are having a hard time getting out of credit card debt consider working with a nonprofit credit-counseling agency. Remember to be very careful. As Americans’ credit card bills are drowning consumers, advertisements for “debt-settlement” services that say they’ll help consumers settle debts for a fraction of what they owe. But they often charge high upfront fees, and their strategies can drag down client’s credit scores and even make their debt burden balloon. Also do your research on the credit-counseling group, there are many criminals that use the credit-counseling as a shield to take your information and make a quick profit, never to be heard of again.

Non-profit credit-counseling agencies offer a different approach. After reviewing your financial situation, the agency may offer you a debt-management plan, which will help you steadily pay down the full amount owed over a period of roughly 3-5 years. Creditors will often reduce interest charges or waive fees for consumers participating in these plans. A good place to start is www.debtadvice.org. Maintained by National Foundation for Credit Counseling.