How is Your Credit Rating?



Are you in deep trouble financially, and you are looking for an escape from all those bill collectors hounding you day and night, and your credit rating is steadily sinking, and you just wish you could run away somewhere and hide because you can't take it anymore?



Fine, there is an aid for those of us who failed to manage our finances, and a lot of that help is in the form of debt resolving companies who will assist you through the throes of bill consolidation and get your head back on straight without the daily headaches.



One good avenue to explore is that of Consumer Credit Counselling Services; an arrangement of services that will work with you and act as a go-between with you and your creditors. They will help you set up a payment plan if you want to go the bill consolidation route, negotiate with your creditors, explain your debts, sort out your finances, and work out a budget so you can stay out of debt and not fall back into the debt pit.for more details visit :



Navigating the Minefield



When it comes to bill consolidation, you must be aware of the hundreds upon hundreds of debt consolidation companies that are out there, and not all of them are above board. Do your due diligence and choose a company that does what you want, and will work well with you in the particular situation you happen to be in at the time.



For the most part, steer clear of those companies that just want to offer you another loan to replace the loans and debts you already have. The only time you would want to take on another loan is if the interest rate on the new loan is much lower than the rates of the loans and the unwanted debts.



Turning Your Credit Rating Around



One of the pluses of bill consolidation, when correctly done, is to be able to improve your credit rating. When you do this, it is best to work with a qualified credit counsellor who works out a payment plan with each of your creditors individually. You pay the debt company one lump sum, they dole out the funds to your individual creditors, then give them a letter of completion once the debt is paid off for each one. When done, your credit rating will improve markedly.




There is one thing you need to be aware of when choosing a credit counselling company for bill consolidation, which is, some of the companies will charge you an upfront fee for services. The reason being is, many people just give up and walk away, leaving the company holding the bag after they have started working with you.



So to cover their losses, some will charge you a fee upfront. But all in all, dealing with a counselling company is a smart move when your options are almost nil because they can deal with the creditors better than you can, set up an agreement for repayment that is good for both sides, and get you going on a monthly payment plan. Another thing too is that many creditors will waive the late fees and repayment fines attached to your loans if they know you are making an effort and working with a counsellor to repay, and in this way save you money.



What are Your Spending habits Like?



Most of us find it very easy to spend and get into serious debt before we know it, and having someone like a credit counsellor can be a great help if you don't know where to turn or how to handle the situation. One of the pluses that these counsellors can do is not only deal with the creditors but also get your debt repayment plan set up with the new bill consolidation plan. Although they can also set up a workable budget for you that will map out future expenditures among other things, and keep you focused so you can keep your finances under control.




When you are choosing a counselling company, just remember that the best way to ensure future success in paying off your debt is to go with a company that will close out your accounts and clear them completely when the outstanding debt has been paid off. The reason for that is we all know the sound of temptation's call, and if you have cleared credit cards, guess what happens in no time at all you will start using them again and the beat goes on. Get rid of your debt once and for all with bill consolidation, and get on with your life.