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Understanding credit counseling

Residents in Florida who are experiencing debt challenges may often not know where to turn. Some people immediately think bankruptcy is their only option while others may even be too afraid to seek any type of help at all. While bankruptcy may be the right option for some people, it does not mean that it is the only solution to debt problems. Consumers may find that working with a credit counselor can offer the assistance they need.

As explained by the Consumer Finance Protection Bureau, a credit counselor can help consumers develop and manage a budget, obtain and review their credit scores and make a plan for their repaying debt.

Many agencies that provide a credit counseling service are non-profit organizations. One of the benefits of this is that a consumer may be able to benefit from credit counseling completely free of charge. They should, however, be prepared to spend the time necessary to gather and provide all details to their credit counselor so that an appropriate plan can be developed. Credit Karma notes that consumer can check with other entities like the Better Business Bureau and the National Foundation for Credit Counseling to confirm that a particular credit counseling agency is legitimate.

For consumers who may not be able to make their debt payments on time, a debt management plan might be proposed but it should not generally be considered a first option. This type of plan may have fees associated with it as consumers pay the credit counselor who then distributes payments to creditors. 



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