has anyone used a consumer credit counseling service(a nonprofit) to pay down your debt, if so good or bad?

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  1. Reply
    June 27, 2011 at 4:56 pm

    I did several years ago and was debt free in 36-months.

    They have national contracts with all credit card companies and can lower both your monthly payments and your interest rates.

    I highly recommend them.

  2. Reply
    stan c
    June 27, 2011 at 5:28 pm

    There’s nothing wrong to go a cccs for help, but you have to finish what you started on order for it to work for you. I know several customers who went there and they completed the payment plan. And yes, it was a long struggle but felt it was worth it. Best of luck but I don’t think you’ll need it.

  3. Reply
    Cathy H
    June 27, 2011 at 5:41 pm

    Yes and no. If you truly want to get out of debt do not qualify for a Chapter 7 Bankruptcy, CCCS is a good alternative to filing a Chapter 13. CCCS can be successful in getting the interest rates reduced. I would suggest that you work with a company that actually pays your creditors monthly as opposed to the companies that won’t send in any money until they have paid themselves first. Stay away from the latter. If you do decide to go with CCCS and you are currently up to date with all of your credit cards, you may want to make a double payment the first month that CCCS starts the payments; one payment to the credit cards and one to CCCS so that your credit card is not consistently behind one month every month. Reason for this is because of the lag time in the mail and payment processing with CCCS. This will preserve your credit report somewhat. If, on the other hand, you are already behind in the credit card payments, then you shouldn’t be concerned with making a double payment; just getting out of debt. Good Luck!

  4. Reply
    Decoy 2.0
    June 27, 2011 at 5:42 pm

    i don’t like them. good luck finding a real nonprofit. do it yourself through debt snowballing. save some money while saving your credit.

    anything they can do, you can do better, and for free.

  5. Reply
    Wilfred K
    June 27, 2011 at 6:37 pm

    A credit counseling agency as a non profit organization will make their money in a lot of different ways. They will usually just charge you a set up fee and a monthly fee that is rolled into your monthly payments.
    In addition to this they will also get a fair share percentage of what they recover from you from the credit companies they are paying off your debt to.

    Below is the source of a credit counseling company for your reference

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