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A Guide to Consumer Credit and Debt Counseling in Texas
Filing bankruptcy is never a decision that is made easily. It is usually done because people feel that they do not have a choice. They figure that they have to file or they will loose everything that they have. You also need to understand that most people that file for bankruptcy are not filing because they went on spending sprees and decided to rack up the credit card bills and then not pay them. Often it is the unforeseen life experiences that can spiral us all into a deep pit of debt that we can not get out of. For example, finding your self in the hospital after a near fatal incident. Insurance only pays so much, and depending on the testing and such, the bill can sky rocket. If you go to see a bankruptcy attorney you will find that in order to file you will have to go through credit counseling. It is a process where you will need all of your bills, with account numbers and amounts and they will go over all of the debt as well as all of your assets and see if in fact you qualify to file bankruptcy. There are options available to you and you may very well benefit from seeking credit counseling. Credit counseling is where a counselor works with you to set up a realistic payment plan for your debts. The counselor will negotiate with your creditors to get you a lower interest rate and set up the payment plan and the timeframe in which the debt will be paid off. If you have a very good credit counselor they will also help you plan for your future. The point of the credit counseling is to put you in control of your money and your debt, this way you do not end up repeating bad habits. To find good credit counseling agencies look for an agency that is accredited by the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies. I also recommend that you check with the Better Business Bureau to see if there have been any complaints against the company and if those complaints were resolved. Go to an agency that offers a full range of financial services and that they show an interest in your individual needs. It is very important that you are working with an agency that is concerned with your financial livelihood both now and in the future. Avoid or walk away form any company that doesn’t look at your individual needs or one that pressures you into one and only one option to manage your debt. It is impossible for any company to settle your debts for only pennies on the dollar. If they are trying to convince you of that, they are lying to you. Using credit counseling or debt counseling can have you debt free in a matter of 3 maybe 5 years depending on the amount that you start out with. You will be able to manage your debt, learn better behaviors when it comes to dealing with your money and help you be able to invest in your future.
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