Credit counseling may be a good choice for anyone considering banking or anyone trying to achieve financial goals. Credit counseling is a great choice for young people to risk themselves or their newly-married couples. They want to start with strong financial transactions.
Most major U.S. cities and densely populated towns provide credit counseling services. Although most agencies charge for consulting services, non-profit consulting centers offer free or low-cost services to qualified participants.
With today's economic recession and high unemployment, many Americans are facing a financial crisis. Many people try to file for bankruptcy to avoid foreclosure or end credit harassment.
When trying to restructure debt, applying for bankruptcy should always be the last option. Not only is bankruptcy on credit reports for up to 10 years, it can prevent borrowers from obtaining credit in the future, and may even affect their ability to find suitable employment.
In 2005, the Congress enacted the Bankruptcy Prevention and Consumer Protection Act. BAPCPA requires all debtors to receive credit counseling before obtaining bankruptcy approval.
The Ministry of Justice established the American Trustee Program, which provides a list of approved credit counseling agencies nationwide. Experts suggest using one of the approved agencies of the trustee's plan before filing for bankruptcy. With their assistance, the debtor may completely avoid bankruptcy. If not, they will obtain the necessary credit counseling from an approved agency.
If the debtor chooses to obtain credit counseling from an institution other than the trustee's plan, financial experts recommend that the study be conducted before signing any contract. Better Business Bureau is one of the most reliable resources for verifying company qualifications. BBB not only provides company information, but also verifies whether the company is in good standing or has complaints.
MyMoney.gov is another reputable source of credit counseling. The plan was established by the United States Financial Literacy and Education Commission. MyMoney.gov provides a free "My Money" toolkit that provides brochures, brochures and various money management information and financial resources.
Last but not least, public libraries are an excellent source of financial information. The library contains a wealth of books, videos, and home study courses that cover a wide range of fund management topics, including family budgets, elimination of credit card debt, and personal investment strategies.
Getting financial control is very powerful. Anyone who wants to borrow a credit challenge can spend time learning about money management so that they can achieve their goals. Taking the time to learn can help you pay off credit cards, reduce or eliminate debt, establish a portfolio, and master financial strategies.
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Orignal From: Credit Counseling - Necessary condition for personal bankruptcy
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