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"CREDIT COUNSELORS"
CAUTION!
Regulators are reporting some abuse of the so-called "Credit Counselor" role. You need to understand that a CC agency funded by creditors is a disguised collection agency. Then you have to realize that some of these so-called debt adjusters are hucksters who will take your money and get nothing done. Creditors are not going to waive interest and reduce a balance just because you use some kind of debt adjuster. Be careful.
One study, in Massachusetts, found 75% of Credit Counseling come-ons involved FRAUD. Another study shows that some "counseling" can actually leave you more in debt, because creditors are under no obligation to agree to reduction in balances or waiver of interest.
AMERI-DEBT has been sued by the Federal Government for this kind of bad practice, with allegations as stated by Howard Beales, director of the FTC's Bureau of Consumer Protection, said in a statement. "There was nothing voluntary and nothing charitable about these payments. Consumers' money didn't go to creditors, it just ended up lining the pockets of the defendants."
There are some recommendations for local Consumer Credit Counseling services, but often even these are creditor oriented and will not consider your needs and preferences for living.
The difference is that in the Bankruptcy Code, you have the right to a fresh start so long as you are honest and reasonable about your debts and property. If you have tried but really can't pay your debts and live your life comfortably, Bankruptcy can give you a fresh start, and it doesn't require agreement of your creditors in most cases. The "stigma" of Bankruptcy can be a lot better than years of facing Judgments and defaults on your credit report. Once you file and clear your debt, your credit rating has a chance to improve and you will be able to rebuild your credit.
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