Credit can be a difficult thing to manage for some, which is why credit counseling is an industry in and of itself. Credit cards and other lines of credit can become a big problem for those who are not used to having access to money or who don’t know how to properly manage their finances. Here are some benefits of credit counseling in New York.
An important benefit of credit counseling is that almost all of your loans can be consolidated into one monthly payment. The single monthly payment could be less than what you are paying now.
Credit counseling helps those who are in debt reduce their interest rates on credit cards they hold. This is very helpful because it lowers the amount of debt that continues to accrue month-to-month if the debtor is only making minimum payments.
Any late fees and additional charges from credit companies will also be eliminated when a debtor enrolls in credit counseling. These fees can pile up quickly, costing the debtor hundreds of dollars per card, if not more.
Those who enroll in credit counseling can also see the amount of their debt settlement reduced to a much more affordable and manageable amount. This will help the debtor make monthly payments and even make a one-time payment to satisfy the debt.
A popular benefit of credit counseling is that it stops the harassment from creditors. This means that once you enter into counseling, the mailers and phone calls will stop since you are working through a program to repay the debt.
Credit counseling can help you acquire new credit in certain circumstances. If a credit application has been declined, your counselor can work with the creditor to have your application approved.
Credit counseling can also help you maintain your credit score.
Have you acquired too much credit card debt in Long Island, New York? Contact our firm today to learn more about credit counseling and Chapter 13 bankruptcy for your situation.