You're Not Crazy To Go For Credit Repair Counseling
You're Not Crazy To Go For Credit Repair Counseling
The Wheel of Fortune always keeps turning and never stops. This means that every time you are swung up on the Wheel, you will inevitably swing downwards. The good news is that you can hasten the swing back up with self-discipline, fortitude and credit repair counseling. Military bases, college and university campuses, credit unions and maybe even your bank might offer low-cost to free credit repair counseling services. You need to follow their advice and make certain lifestyle changes which will get your ride to the top of the Wheel of Fortune going.
Don't Just File For Bankruptcy
Bankruptcy might seem like a quick out, but it's not. For one thing, you still have to pay a couple of thousand dollars to a bankruptcy lawyer to properly and legally file for bankruptcy. Also, bankruptcy plays havoc with your credit rating. Any bankruptcy has to be on your credit record for at least ten years. That can make it hard to get back on your feet again, even if you manage to repay all of your debts. You don't look very trustworthy.
The Bankruptcy Abuse Prevention And Consumer Protection Act of 2005 can often save you from filing for bankruptcy when you really don't need to. You are given 180 days to receive credit repair counseling before you meet with your creditors. This credit repair counseling is mandatory. You have to go to a government approved credit repair counseling service and prove that you have taken classes on money management and debt reduction. To find credit repair counseling in your area, check out the Federal Trade Commission's list on www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm or go to the bankruptcy court in your area and see their lists.
What You Get
Depending on which service you choose, you can get credit repair counseling in person, online or over the phone. It is usually best to go in person if at all possible. The initial session takes a couple of hours. The most you should ever pay for a session is $100. Considering the education about savings and money management you get, this fee is really dirt cheap.
The FTC recommends that you ask certain questions to a credit repair counseling service before you sign anything. These questions include:
"What services do you provide?"
"What services DON'T you provide?"
"What are your fees? What if I'm too poor to pay them?"
"What qualifications do the employees have?"
"Are your employees paid any extra if I sign up for any services they offer me?"