Credit Yogi

Debt Advice

Many people today are struggling to cope with the effects of an economic downturn.

Debt Advice 101. How To Seek Out The Right Debt Advice.

Many people today are struggling to cope with the effects of an economic downturn. Many find themselves in hard times due to an economic worsening that has damaged their investments and hardships such as job loss or job downsizing. Unexpected medical bills in the face of rising medical costs can only make matters worse.

In order to stay afloat from day-to-day many have found themselves falling into debt as they mortgage the future to keep the present going. But this can only go on for so long before the payments on the debt itself become unmanageable. At that point, people need to turn to financial professionals,, which is designed to facilitate,  for advice on getting out of debt.

Choosing debt recovery advise is a very important task. The adviser you choose must be reliable, knowledgeable, and fair. How do you find such a person to offer you debt solutions? The most important first step is to admit that you need help and cannot seem to get out of debt on your own. With that accepted, start your search for a debt advise with a basic analysis of the credentials of several firms offering debt recovery options. Is the firm a member of any organizations such as the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies? These are non-profit organizations of debt relief advisers. Does the firm belong to the Better Business Bureau? Even if they do not, check with the Better Business Bureau to see if there have been consumer complaints filed against the firm.
Once you are down to a short list of possible debt relief service providers , begin contacting them. Explore these issues:
  • Will you be offered a free initial consultation? This should include budget counseling as well as the discussion of possible debt solutions.
  • Does the firm seem eager to automatically pigeon hole you into a specific type of debt program, such as a debt management plan, even though debt negotiation may be a better option for you? No one plan is the right answer for all consumers. If the firm wants to steer you in any specific direction without analyzing the special needs of your situation, then you will not be getting fair and effective advice for your particular situation.
  • Does the firm seek out as much information as possible about your financial situation? Each person is in a unique situation, and the debt relief firm must find out all they can about your situation to give you the best possible debt advice. If the firm wants to dig deeper into your finances and spending habits than you ever thought they would, they are probably an excellent choice to give you the best possible debt solutions.
  • Is the firm non-profit or for profit? This may affect the service fees that you must eventually face. Note that non-profit firms are in fact supported by the creditors, who have found this firm to be a reputable and effective representative for the consumer. After all, the creditors would rather see you getting such advice and get at least something back as opposed to seeing you file for bankruptcy and getting nothing.
  • Beware of firms that may claim to be non-profit but really are for profit. They just may be trying to get you to accept a higher fee schedule than you have to.
  • Make sure that the firm will put everything in writing. Do you really want to trust important issues on just a handshake and a verbal promise? Also see if the contract offers acceptable relief of fees, due if the firm fails to deliver the services promised.
  • Does the firm want some sort of an up-front fee or retainer? This could be unethical and sometimes against the law. Be sure you’ve done your research and decide if you would be better to find another firm to handle your situation.

Getting out of debt is not easy, but the help of a qualified and trustworthy professional debt adviser, which can be facilitated by, can make the task manageable and effective. Choose carefully as this will have great impact on your financial situation for years to come.

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