Credit Counseling
People that find that they have gotten financial advice, but don't have the willpower they need to stick to a budget, can't work out a repayment plan with their creditors or can't keep track of mounting bills, should consider contacting a credit counseling service.
Real financial advice will advise that the person will have to make regular, and timely, payments. These payments could take up to 48 months or even longer to complete depending on how bad the debt problem is. Credit counseling services will be able to provide a good estimate of time that will be required to complete the plan. Some services charge a monthly fee to manage the plan,while others will manage the plan free of charge.
A debt repayment plan will not erase anyone's credit history. Under the Fair Reporting Act, accurate information about an individuals credit report can stay in their credit history for up to seven years. creditors also continue to monitor and update these records depending on the repayment plan that has been devised. Someone with a demonstrated history of making regular payments will be looked upon more favorably in the future.
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