Assistance from National Foundation for Credit Counseling agencies.
If you find yourself continuing to struggle with paying credit card bills, budgeting and addressing any outstanding debts on your account, it is always good advice to use a National Foundation for Credit Counseling member agency for help. There are hundreds of locations around the county, with some bound to be near you. They offer individuals a number of services, advice (which is usually free) on debt reduction, budgeting, or even investing as well as other support.
Some of the organizations that can provide assistance and that you may find useful include members of National Foundation for Credit Counseling (NFCC). Many of them are nonprofit organizations. They have offices in most major towns and cities near you, and they operate all throughout the country. These non-profit National Foundation Credit Card Counseling Centers will help consumers in getting out of, reduce, and ideally asst clients with paying off credit card bills and debts. They also help families learn how to budget, invest their money, provide free financial literacy advice as well as many other services.
They can help you receive assistance from such programs as credit card modification, fee waivers, consolidation, debt management plans, and others. Most National Foundation for Credit Counseling also help their clients with investment advice, whether in stocks, bonds, or even retirement accounts. The programs offered will focus on dealing with unsecured loans and debts, such as medical expenses, credit card debt, and personal loans. Or they focus on the basics of investing into stocks, mutual funds or retirement accounts.
Services from NFCC - National Foundation for Credit Counseling
Do not confuse NFCC with a debt consolidation loan agency or a financial advisor. While they may offer some of the same services, at least on the surface, there are key differences. One of the major differences between a National Foundation for Credit Counseling Center and a debt consolidation company is that while a company that consolidates your bills will provide you with a loan, a NFCC will offer you a number of additional services. NFCC will also differ from financial advisors as well in that they help with all aspect of financial literacy, ranging from credit repair to investing, pensions, and 401Ks among other services.
When it comes to debt help, National Foundation for Credit Counseling staff complete debt consolidation as well undertake the negotiation of interest rates for you directly with your credit card company or bank. Representatives from NFCC will work with you by receiving a consolidated monthly payment directly from you, and they will then use those funds to pay off your bills on your behalf. In other words, a National Foundation for Credit Counseling member location will use that amount that you pay them monthly to pay off your creditors to whom you owe money. So they take care of all the administrative work.
Many people state that at minimum using the services and assistance provided by credit counseling centers like NFCC will help people gain peace of mind. This occurs as the services they provide will help reduce a consumers stress level. A few additional key benefits of using them is that it stops the creditors and debt collectors from harassing you. In addition, your various accounts are being paid as well as updated regularly and last, but not least, the payment due on your monthly bills and debts will be kept current.
Some of the other assistance from National Foundation for Credit Counseling member agencies include someone else is managing your payment schedules and logistics on your behalf, so that will mean that no payments are missed and no delinquency charges or late fees will imposed on your accounts. Most centers will also offer credit card counseling debt management plans.
Low cost debt consolidation services as well as loans are offered by NFCC. These can be a great option for saving money. However is is only human nature for an individual to feel disappointed when their application for a debt consolidation loan is not approved by their bank or lender. However, at the same time it is important that people accept the fact that a credit card bill is in truth loan from a bank which is unsecured in nature. A National Foundation for Credit Counseling counselor can provide tips on all of this as well as the pros and cons to each program.
A counselor can help with debt consolidation as well, if that is an approach you think is the best one to take. Since unsecured loans like credit card bills and debt are not attached to any collateral or any physical possessions, many of these banks will ask you for a lien or mortgage. They will request this in order to provide you with a debt consolidation loan. For example a bank may ask for your house to be mortgaged to them in order get a loan.
In these cases, a counselor from a National Foundation for Credit Counseling (NFCC) will rarely advise individuals to take this approach in case you do default on a payment. If that happens the bank will then have the right to auction that asset, so you could in fact lose your home. So we continue to say that the best way to get help paying credit card bills and to get out of a financial crisis or emergency, such as credit card debt, is to get a little assistance from a credit card counseling service. It also requires a lot of self discipline on your part.
National Foundation for Credit Counseling also help with general budgeting, saving, as well as investing. All of these are critical financial literacy skills that benefit families with a low income or those who are doing well in life. Staff give details on the best ways to save money as well as how to make your money work for you. They also have workshops on investing, understanding the pros and cons of stocks or mutual funds, tips on compound interest, as well as much more. Find more information on free financial literacy help.
Find a National Foundation for Credit Counseling Center
Many community action agencies either offer credit counseling, or they can refer an individual to a NFCC approved credit counseling agency in their area. Click here to find your local community action agency and credit counseling center. Contact community action.
In addition, the federal government has certified and approved a number of NFCCs as non-profit organizations. They can often provide qualified clients with free or low cost advice and programs. Locate credit counseling agencies.