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Home > Learning Center > Complete Guide to Credit > Chapter 9 > Credit Counselors
  Chapter 9
  If You're Having Money Problems
  Make a Simple Budget
  Paying Down Your Debts
  Contact Your Creditors
  Late Payments
  Re-Aging Your Accounts
  What Will Creditors Do?
  Collection Agencies
  Debt Collection Laws
  What Collectors Can't Say
  Things You Shouldn't Say
  Statute of Limitations
  Negotiating With Collectors
  Why Will a Creditor Settle?
  Negotiating Your Score
  Once You Have an Agreement
  Credit Counselors
  Avoiding Scammers
  Debt Consolidation
  Playing Hardball
  Conclusion
  Previous Chapter
  Next Chapter
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Credit Counselors

If you’re having troubles and you don’t feel comfortable negotiating with creditors or collection agencies—or simply do not have the time to do it yourself—there are professionals who can help.

Credit counseling services are designed to help consumers get their finances under control. They can:

  • help you create a budget;
  • help you prepare to apply for a home loan;
  • provide a variety of educational services; and
  • put together a debt management or debt consolidation plan.

Some credit counseling services are non-profits and some are not. Some are staffed by certified credit counselors and some are not. Some offer their services for free and some do not.

The Federal Trade Commission (FTC) warns:

Beware—just because an organization says it is “nonprofit” doesn’t guarantee that its services are free or affordable, or that its services are legitimate. In fact, some credit counseling organizations charge high fees, some of which may be hidden, or urge consumers to make “voluntary” contributions that cause them to fall deeper into debt.

You may be able to find a reputable credit counselor close by. For instance, nonprofit credit counseling programs are offered by many:

  • credit unions;
  • universities;
  • military bases; and
  • local housing authorities.

If these avenues aren’t available or aren’t convenient, you might ask for a referral at your bank or contact your local consumer protection agency.

Next: Avoiding Scammers

 

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