Would credit counseling help us?

iVillage Member
Registered: 06-26-2003
Would credit counseling help us?
1
Thu, 03-30-2006 - 1:45pm

I'm wondering if a credit counselor would help me and DH get a handle on our finances. I like the boards, but I think it might help if we both went to talk to someone in person and get some one-on-one feedback.

I have done my research on credit counseling companies. Some are good, some are bad. I like to think I can smell a scam a mile away. :) If I do decide to go with one, I will use the one that my credit union has endorsed and that credit union members can use (for either free or very reduced fees - I'd have to check - I'm pretty sure it's free). I'm not sure that we're in a bad enough situation to be candidates. We're not delinquent on anything, make all of our minimum payments (or more) on time, haven't been hit with any penalty interest rates (they are averaging 8-9%), and don't have any collection agencies on our tails. There's just a LOT of bills, and if something happens to either me or my husband that causes even a tiny drop in income - the balance would be tipped, so to speak. We wouldn't be able to pay anything on time!

I don't think we need a debt consolidation loan, and since we're renters, we obviously can't get any home equity loans. I feel like we just need some in-person guidance. Has anyone gone to a credit counselor before???

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Thu, 03-30-2006 - 2:36pm

Hello,

Based on your situation, you may want to consider taking a debt reduction course, such Financial Peace University, at a local church. This would provide several months of guidance (and you could meet other people dealing with debt) in person.

Personally, I was in a similar situation (not late on bills, just had heavy debt load) and called several consumer credit counseling companies. They told me that they were not set up to help me.

I'm finally getting to the point where I have some breathing room (after working on Dave Ramsey's Total Money Makeover plan) and can snowball large amounts to my target debt.

What kind of debt are you dealing with? Is it credit cards, car loans, mortgage, student loans?

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

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