Consumer Credit Counseling: Worthwhile or Worthless?

CHICAGO, IL–(Marketwire – January 25, 2010) – Consumer Credit Counseling — consumers see the TV ads and hear the radio ads on a regular basis. Some of these firms claim to be non-profit while others clearly are a commercial concern. Yet all these consumer credit counseling services claim to be able to help consumers get out of debt. Is this true?

Totaldebtrelief.net breaks it down:

Consumer credit counseling is not the most effective means of achieving debt reduction and debt elimination, but it has its merits. Credit counseling works by a credit counselor or financial planner sitting down with a consumer and reviewing their personal finances in order to determine ways and means to: cut spending, save more, and pay down debt, particularly credit card debt.

Often times through consumer credit counseling it is possible to negotiate extended payment terms with creditors, thereby obtaining slightly lower monthly debt payments. But consumers should be aware of the following: extended payment terms means paying a greater overall amount of money over time. This rarely makes good financial sense. read the rest: .

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Tags: Consumer Credit, Consumer Credit Counseling, Counseling, Credit Counseling