Has managing your debt gotten a little complicated? It may be time to consider credit counseling.

Here’s how it works:

First, a credit counselor typically cuts up your credit cards and closes accounts. Then, they strike deals with your creditors for a lower interest rate, and usually late fees go away too.

You pay money to the agency, and they pay your creditors. You also typically pay a fee to the credit counseling service for their work.

Not all credit counselors are reputable. You can safely find reliable ones through the Federal Trade Commission site at www.ftc.gov.

Keep in mind you can negotiate the same things yourself with creditors if so inclined. Also, closing those accounts will lower your credit score, at least for a while.

But when it comes to debt, you could finally feel in control.

Do us a favor please.  Tell your friends about us so they can be smarter about their money too.



Meet the blogger