Credit Counseling: Could it Work for Me?
In the face of financial hardship, many seeking a responsible solution turn to credit counseling. Credit counseling is, all too often, the last stop before bankruptcy. That is, of course, not to say that credit counseling prevents bankruptcy altogether. There are more cases than one might think that end up in bankruptcy court after credit counseling has failed to remedy the financial woes of the debtor.
It is doubtful that the failure of credit counseling for some consumers can be blamed on the credit counseling company. Sure there are some cases but, more often than not, credit counseling fails to end financial problems because the person who ran up the debt in the first place continues to run up the debt or doesn't stick to the budgeting that they were taught through credit counseling.
If you are thinking of pursuing credit counseling, it's important to remember that, as with any counseling, you get back what you put into credit counseling. You can't expect miracles from your credit counseling company. Credit counseling is all about working with you, not working for you. Credit counseling is not going to solve your financial problems, but rather teach you to solve your own financial problems and avoid getting back into them.
Even if you relapse into debt after successful credit counseling, it is still, most likely, going to be a better option for you than bankruptcy. Credit counseling can be a wealth of knowledge, even if you have a hard time putting it into, or keeping it in, action. Sometimes there are more complexities behind financial problems that just can't be solved through credit counseling. Once you have dealt with all of the issues surrounding your debt appropriately, the education you have gotten in credit counseling can ultimately lend to your financial success and freedom from debt for good.
Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, bankruptcy and free credit counseling information that you can research in your pajamas on his website.
MORE RESOURCES:
 Calgary Herald | Bush: US will work with partners on credit crisis The Associated Press - WASHINGTON (AP) — President Bush says world's wealthiest industrial countries will work together to attack the credit crisis spreading around the globe. ... G7 seeks to halt global crisis Bush says financial crisis needs coordinated response US pleads for patience in crisis repair efforts |
 Boston Globe | Global leaders seek answer to credit crisis San Francisco Chronicle, USA - At the same time, loan markets everywhere remained broken, especially the critical wholesale credit markets, in which financial institutions lend each other ... Video: Bernanke: More Economic Pain Ahead TREASURIES-Surge in Europe as shares skid on credit woes Stocks down despite government moves to free up credit |
 The Associated Press | US will work with partners on credit crisis: Bush CBC.ca, Canada - It was the 21st time in 26 days that the president has spoken publicly about the credit crisis gripping financial markets and dragging down stock markets. ... Meeting G7, Bush Vows World Economic Fix |
 Calgary Herald | High anxiety rules Wall Street as global credit crisis deepens Emirates Business 24/7, United Arab Emirates - High anxiety on Wall Street will not subside this week as the deepening credit crunch pushes the international economy into recession and corporate profits ... Video: Stocks Fluctuate After Fed Corporate Debt Plan Easy credit and financial crisis G-7: We're Working On It |
 New York Times | Lehman Credit-Default Swap Payout Could Climb as High as $365 Billion Washington Post, United States - By Heather Landy NEW YORK, Oct. 10 -- In what may shape up to be the most expensive payout ever in the credit-default swap market, sellers of insurance ... STOP FINANCIAL WMD'S: Credit Default Swaps Insurance on Lehman Debt Is the Industry’s Next Test Lehman Credit-Swap Auction Sets Payout of 91.38 Cents (Update1) |
Is my credit union safe? Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer The government-run National Credit Union Share Insurance Fund insures most deposits at credit unions, ... Got Your Money in a Credit Union? You Too Are Safe In tumultuous financial times, credit unions might be an option to ... LETTER: Your money is safe with credit unions |
 Los Angeles Times | Fears Grow That Tight Credit Could Crush GM, Ford NPR - Standard & Poor's downgraded the credit of both companies and their financing arms this week. AFP/Getty Images Ford F-150 trucks sit at a dealership in ... Video: Money Minute: GM, GE, Oil GM, Ford too big to fail? CREDIT WATCH HITS GM, FORD |
Financial troubles spread to credit unions Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer It's not just giant banks on the brink these days: Losses are clobbering nonprofit credit unions that ... |
 Citizen | Credit Crisis Collapse What Happens Next? The Market Oracle, UK - To not take actions to stem the credit crisis would be that major policy mistake which would compound all the other mistakes. I think everyone knows the ... Regional financial experts focus on lending; say credit crunch is ... Market news this week for strong stomachs You have some input on interest rates |
 Voice of America | IMF endorses G7 plan to fight global credit crisis CTV.ca, Canada - The International Monetary Fund is backing a plan by Canada and the other G7 countries to fight the worldwide credit crisis, which continues to play havoc ... Video: IMF: Timing right for G7 Credit CRISIS ALERT Press demands some G7 credit crunch punch |
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