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If you’ve fallen into debt, you’re likely feeling overwhelmed, stressed, and unsure of what steps you should take to get out. You may have also begun to research your options and come across debt counseling, cancellation, refinancing and forgiveness programs - which is best for you? We’ll break down the key differences and highlight the benefits of each option.
Debt counseling can involve a number of services, all centered around helping you make smart financial decisions and managing your debt. When you first begin working with a credit counselor, they will review your financial information and circumstances. Once they have a better idea of your situation, they’ll make recommendations for budgeting, saving money, and paying off debt based on your current debt and income.
The goal of debt counseling is to help you deal with the stress of excessive debt. Your counselor may recommend that you consolidate your debts through a loan or provide help through a debt management program, both of which may lead to lower interest rates or reduced fees.
Typically, anyone who has debt problems can benefit from debt counseling. As you get deeper in debt, however, counseling alone may not be able to help you manage your debt, and working with a debt consolidation service may be a good alternative.
This can potentially help you pay down your debts better than debt counseling, especially if you need consolidation options for bad credit. While counseling gives you the advice to manage your debt, you’re often on your own to implement that advice. Debt consolidation companies not only provide a straightforward plan to pay down debts, but they also work on your behalf to reduce the burden of interest on your debt.
At Accredited Debt Relief, we’re proud to have helped our clients get their finances and lives back on track through debt consolidation services. We work hard to provide you with the answers you need to make smart choices about your debt. Our team of experts are experienced in helping people just like you find the right debt solution.
Accredited Debt Relief is a BBB accredited business that’s proudly part of the American Fair Credit Council (AFCC). We strive to make the whole process of debt consolidation easier for our clients, allowing them to regain control of their finances. Contact us today to learn more and receive your free consultation.