Which is Best?

You've seen the ads: credit counseling companies say they can help with debt by getting your payments and interest rates lowered.

Others claim they can get your debts wiped out entirely by settling them for pennies on the dollar.

So which is better for your situation?

If you're in debt trouble, you've got plenty of company.

And you've got lots of people willing to help you too. For example, credit counselors:

"A credit counselor with work with the client and reduce the debt over time, and you will pay...in many cases...a lower interest rate or no interest rate at all," said Jessican Cecere from Consumer Credit Counseling.

So a credit counselor gets between you and a creditor, tries to negotiate better terms and sets up a plan to repay all your debts over time: generally 3 or 4 years.


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