Improve and Increase Your Credit Score by Jason R. Rich

Author:Jason R. Rich
Language: eng
Format: epub
Publisher: Entrepreneur Press
Published: 2013-02-28T00:00:00+00:00

What is credit and debt counseling?

Bradley M. Wood: “Credit and debt counseling at our agency comes in two stages. First is the initial intake, where a counselor reviews with a consumer their income, living expenses, assets, and liabilities to assess the consumer’s situation and to give them a plan of action for resolving the problems they’re facing.

“If consumers can’t resolve their problems on their own and need direct assistance, then they move into the second stage, which is a debt management plan. This program is where our agency acts on the consumer’s behalf to set up repayment arrangements with their creditors that fit within the consumer’s budget and are acceptable to the lenders. These plans usually include the reduction of payment amounts and the reduction of interest, as well as a snowball payment system that rolls payments from one creditor to another as debts are paid off.”

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