Up until a few years ago, this industry was pretty much controlled by the non profit organization known as Consumer Credit Counseling Services, but as consumer debt increased, a lot of scam artist began entering this industry. These fly-by-night operations would solicit large upfront fees and then disappear, leaving consumers in worst safe than before.
Florida Credit Counseling Companies negotiate your interest rate on your behalf and try to get you into a more affordable repayment plan. Once the new lower payment is negotiated with the credit card companies, then the consumer will have to submit payment to the credit counseling company and they in turn will make payments directly to the credit card company. A big complaint from consumers about this practice is that sometimes the consumer credit counseling company doesn’t make the payment on time to the creditor and this reflects negatively on the consumers credit report as late payments, even though the consumer make the payment as agreed. Usually this service was presented only to people that were currently late on their payments, but anyone that has a high interest rate can enter this program.
"Most of the fees charged by these counseling companies are actually paid by the credit card companies, which will take the payment and then send back a portion normally around 8 – 10% of the payment to the credit counseling company. Which begs the question, are the counseling agency really working for the consumer or the credit card companies? Credit Counseling services are just another tool set up by the credit card companies to make sure they squeeze as much money out of the consumer as possible, says Marlon Baugh, Florida Debt Elimination Expert."
This type of service isn’t for everyone. If you have no problem paying you credit cards on time, then you do not need credit counseling. If you were considering it because you have high interest rates, then in most cases you can simply call your credit card company and negotiate a lower rate. One tip to get this accomplish easier, is once you get an offer in the mail with a better interest rate, you can use that as leverage to get a lower rate with your existing creditor.
Now if any of the following situations describe your situation, then you may want to A Florida Consider Credit Counseling or A Florida Debt Settlement Program.
- You are having trouble making your credit card payment
- You are paying your regular bills late each month
- You are being harassed by bill collectors
Now if you have a extremely large amount of debt, such as $50,000 or more, they you may want to consult with a Florida Bankruptcy Attorney and a Florida Debt Settlement Company. As a mere interest rate reduction may not be enough to give you the solution you are looking for to get you out of debt.
Florida - based debt elimination expert Marlon Baugh specializes in providing information to consumers that allows them to make informed decisions about their credit cards and other debts so they can learn the insider secrets that can save them thousands of dollars over the life of their loan.
Marlon Baugh is available for interviews and will welcome all your debt related questions.
Call 954-678-5796 Ext.1 for a Free No-Obligation Consultation or visit
http://www.specializedfinancialsolutions.com/
Marlon Baugh is a nationally-known debt elimination expert. Since 2003, he has specialized in helping homeowners get out of Bankruptcy and Foreclosure. For more insider reports please visit http://www.specializedfinancialsolutions.com/
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