29 Jul 09 Alternatives to Debt Consolidation

Struggling with Debt? Consider counseling.

Having debt collectors calling, watching one’s credit score drop, and being unable to get financing for necessary expenses creates an enormous amount of stress and difficulty in one’s life.  Debt consolidation companies offer one partial solution to these problems.  However, despite the prevalent marketing and advertising of these companies, there may be a better alternative.

The National Foundation for Credit Counseling is a non-profit, community organization which supports financially responsible behavior by consumers in a number of ways.  They offer counseling services which educate consumers about credit and debt, bankruptcy, and general finances.  One may, in some cases, be able to pay debts off just as quickly without enlisting the services of a debt consolidation company, and save money in the process.

NFCC counselors are specially trained and independently certified.  Counseling is completely confidential, also.  And, through participating agencies, NFCC counselors may help you set up a Debt Management Plan, which is similar to debt consolidation.

The NFCC website, located at www.nfcc.org, also offers a variety of online tools for consumers, including budget worksheets; calculators for debt management, savings, and housing expenses; and tips and educational videos.

Even if one isn’t struggling with credit card debt, mortgages, or other payments, the NFCC is a valuable financial planning resource.

Tags: debt advice, debt consolidation, debt consolidation advice