FACTS ABOUT CONSUMER CREDIT COUNSELING Did you know that approximately 65-70% of people who start consumer credit counseling (CCC) programs are not able to get rid of their debt and end up quitting the program? It’s true. While a consumer credit counseling program may be effective for people who can afford larger monthly payments for 3-5 years, most people with debt problems are struggling as it is to just pay their minimum monthly payments. Some of our clients have come to us from consumer credit counseling programs. The complaints we’ve heard most often from them about the CCC programs include:
One important distinction between consumer credit counselors and debt negotiators is that CCCs do not negotiate down your debt. They have predetermined figures from each creditor as to what interest rates and payments they are able to agree to. The interest rate will average around 8%. Some creditors will not go below 20% to 25%. Some of the most important differences between consumer credit counseling (CCC), or debt consolidation, and National Debt Consultants’ debt negotiation services (NDC) include: CCC: Many programs are funded by creditors CCC: Doesn’t actually reduce your debt CCC: A reputation for poor customer service If you’re considering consumer credit counseling, we encourage you to first contact us for a free consultation. We’ll help you determine if there are better ways to improve your debt situation that will be easier, quicker, and less expensive than consumer credit counseling. For a free consultation, click here, or contact us. There are no strings attached – you’re under no obligation. |
