What's the best debt management program? |
By David Pilley on April 19, 2011
.jpg.aspx) People may spend their whole lives trying to find the best something. What’s the best college? Where is the best place to live? What is the best joke? You might search the ends of the earth, scour every library, and read every single Wikipedia page to try to find the best. To find the best debt management program, though, an endless search is not necessary. There may be one right around the corner, or better yet in your own home.
A top company to look at would be a credit counseling service that is a) non-profit; and b) accredited through either the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling. While “non-profit” is not absolutely free, there are going to be much less fees involved with a non-profit organization than with a for-profit company. Accreditation with either of the two organizations is also a good sign that you are not going to be taken advantage of while you try to get your debt problems handled. And if there are fees involved, according to recent legislation, they can’t be charged until the final plan is on paper and signed. Hightail it out of there if the company charges upfront fees.
You should also ask family or friends if any of them have pursued the help of a credit counselor. Any positive results should be the first in line to conduct your own search for the best debt management program. You can also check these companies with your local Better Business Bureau. The BBB can tell you how long the company has been in business, whether or not it has accreditation, and any recent consumer complaints. Having the aid of this watchdog group is just further support that you can the right company for you.
And if you can’t find a good company, consider yourself. Yes, you. You can do it. Every individual’s financial situation is slightly different, and no one knows your own situation better than you. And signing up with a credit counseling company might actually lower your credit score, so what better reason than to DIY. If you’re serious about reducing your debt, you can create a responsible budget while also cutting back on personal spending. You can call your creditors yourself and come up with a new payment plan, while also either eliminating some fees or lowering your interest rate. If you give yourself a try, you might find yourself to be the best debt management program.
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