Consumer credit counseling is a service provided to assist you with getting on a budget that allows you to get your debts repaid. Your consumer credit counselor will work with you to set you up on a program that will be best suited to your individual needs. By custom tailoring a debt repayment plan to the individual, consumer credit counseling services can help you get your finances on track much quicker than you usually can on your own.
In most debt management plans, your consumer credit counselor closes your accounts for future charges and helps you reduce your monthly payments. Many consumer credit counseling agencies claim they can help you reduce your monthly payments by fifty percent, which is possible, but in most cases the reduction is closer to twenty percent. Depending on how much you owe and the current terms of your debt repayment, the savings can range from “a lot” to “even more than a lot.”
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