Have you considered "non-profit" Credit Counseling Companies (known as a CCC) as an option to dealing with your debt? Before you do, you should know these "non-profit" agencies are supported by the credit card companies. Their sole purpose is to get as much money out of you as possible.
The CCC's have predetermined figures from each credit card company as to what interest rate (normally 12%-16%) and the minimum payments they will accept on this plan. Often the monthly payment is as high or higher than the amount the creditor is already demanding. If you're already having troublemaking your monthly payments, how are you going to pay the higher amount?
Don't be fooled by the term "non-profit", which makes it sound as if the company is a charitable organization working on your behalf. Although many credit counseling companies call themselves non-profit, this does not mean they do not charge fees or are not trying to make a profit. When it comes to
helping you get out of debt, credit counseling companies are not the solution.
Let the numbers speak for themselves — here are comparisons between making the minimum payments on your own, using a
consumer credit reorganization plan, or using Freedom Group, Inc.'s
debt reduction through negotiation plan. These figures are estimates only.
