Just about everyone needs some type of credit advice from time to time. The scope of the advice may cover a number of different credit problems. People may be looking for expert advice on the pros and cons of using a consolidation loan to pay off current credit card balances, whether or not to avoid bankruptcy using the services of a credit counseling agency, or ideas on how to repair bad credit. If you find yourself in need of responsible and reliable credit advice, here are some suggestions on where you can obtain the counsel you need.
An excellent place to begin your search for credit advice is your local bank. The bank can help you evaluate your current financial situation, including obtaining data that currently appears on your credit reports. Based on the available information about your current credit rating, the current level of indebtedness, and the amount of net income you generate each month, your banker can provide practical ideas on how to address any current credit problems you may have, as well as give you some ideas that will help to improve credit ratings in a relatively short period of time.
Along with your local banker, many communities now offer free sessions with a credit counselor from time to time. In some cities, the free credit advice is provided by various no-profit agencies and is aimed at helping people to organize their finances and eliminate debt. Since a volunteer credit counselor will not always have access to your financial records, it is important to take along all pertinent information so that the counselor can help your formulate a strategy to attain your credit goals.
Professional credit counseling agencies can often provide solid credit advice when you face severe credit trouble that could lead to bankruptcy. In this instance, the agency can help you analyze your situation, intercede on your behalf with creditors and come up with a payoff plan that will work for everyone involved. Usually, plans of this type require you to make a lump sum payment to the agency each month. The agency in turn distributes your payment among your creditors. While this approach will not maintain good credit, it can prevent bankruptcy and still allow you to honor your obligations.
While it is not generally known, many faith-based organizations provide resources on responsible financial management. This is particularly true with various faith groups where the concept of stewardship is considered an important tenet. Often, these faith groups offer counseling and credit advice for no charge to anyone who lives in the community. While services of this type are not authorized to intervene with your creditors, they can often help you identify the best way to approach your creditors and work out a solution to your financial woes.
