If you have debt problems, you're not alone. Consider contacting a debt counseling service for assistance. Make sure they are qualified to assist you and check with the Better Business Bureau before working with a debt counseling service. There are programs designed individually to assist consumers with debt repayment.
- You and your counselor setting up a budget using your income and expenses as a guideline.
- Your counselor arranging a debt management plan, and your creditors being asked to accept a payment schedule.
- You agree not to incur additional debt while on the plan and make regular monthly deposits to a creditor's trust account maintained by the counseling agency.
- Payments are sent to your creditors monthly. You receive a statement of your progress, as well as your usual statements from your creditors.
- Your counselor will monitor your plan and help you with your questions or problems.
- When you successfully complete your plan, an exit interview will be arranged and you will be advised on reestablishing credit.