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Frequently, large credit card balances are not the result of spending habits that are out of control. They are the result of living paycheck to paycheck with a few emergencies and a few luxuries thrown in. Add in a few times of running short on cash, and before long, the balance has grown to many thousands of dollars per credit card. How Do I Know If I Need Credit Counseling? Is your credit card debt increasing every month? Are all your cards at their maximum? Are you making only the minimum payment, or less, every month? Do you have to use your credit card for necessities? Do you have no cash on hand? Are bill collectors calling? If any of the above answers are yes, then it may be a good time to seek credit counseling before matters get worse. If most or all of the above answers are yes, then seek counseling immediately. How Do I Find A Reputable Agency and What Will It Cost? Credit counseling agencies are plentiful and can help people learn to better manage their money. However, some charge high fees and a person with severe debt does not need to incur more. There are many non-profit credit counselors available if one knows where to look. The National Foundation for Credit Counseling (NFCC) is a non-profit debt counseling agency headquartered in Washington, D.C., that provides credit counseling and debt management plans for those in financial distress or who think they are headed in that direction. The NFCC will work with clients to help them resolve their immediate financial crisis as well as teaching them strategies that will avoid recurrence. Those in severe debt may qualify for a debt management plan. Their website, www.nfcc.org, provides a phone number to call to locate an office or there is an office locator that searches by zip code. The NFCC is funded by contributions from individuals and organizations, but there is usually little or no cost to participants. For-profit credit counseling agencies are legally prohibited from charging their clients up front for the services they promise to deliver. A reputable debt counseling service should provide literature and workshops at no charge to their clients; if they do not, it is usually a good indicator that the company may be less than reputable and the individual should continue their search. It is very much important to access one’s debt counseling service regularly. The author has a great deal of knowledge about Credit counseling agencies.
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