Seek Credit Counseling

Consumers who are experiencing serious financial problems can consider using a reputable credit counseling service. These legitimate credit counseling businesses can also assist families who need to learn sound financial planning methods, such as preparing a household budget and starting a savings account. These agencies have traditionally offered a variety of services and products, including things like community education, budget counseling, and financial advice. They also offer debt management plans, known as DMPs, but consumers should be aware that the credit counseling industry is not perfect. There have been some serious problems with some of these agencies, including poor advice, unnecessary fees, and even using deceit to gain customers.



Credit counseling isn’t for everyone. You should evaluate all the choices you have to resolve your financial difficulty before you commit to a credit counseling program. Many of the financial planning tools offered through a credit counseling service are available online. You can always work on your own to develop a better budget and savings plan, or even personally negotiate with your creditors. If you have overwhelming debt, declaring bankruptcy is an option to consider.

If you do decide to use a credit counseling agency, take the time to shop around. Many companies who advertise on television or online are not actually credit counseling companies. In reality, they are credit repair companies. If you work with them, the chances are good that you will be charged high fees for services that you could be doing yourself without any help. Talk to your friends and family members to get referrals. Also, check with the Better Business Bureau or your state's Attorney General's office to learn which of these agencies have any complaints filed against them. You can begin your search through the National Foundation for Credit Counseling, but be sure to take the time to look at many different agencies in depth before you make a final decision.

If you are a member of the military or are retired from active military duty, Military OneSource is where you can go to get help. Find the installation that is near to you and use their family service center or support center to get the financial help you need. You can contact them at 1-800-464-8107. Another option is to check with a military relief society to get financial counseling. Those who are in the Navy or the Marines can contact the Navy Marine Corp Relief Society. Those who are in the Coast Guard can get help from the Coast Guard Mutual Assistance.