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Many of these companies are actually non-profit, so they do not stand to make money off of your emergency. Again, if you come across a company that charges high fees up front or offers worse rates than you are already getting, it is probably best to pass them by. Look instead for a non-profit organization. The credit counselor will follow up on the principles discussed in the first session, and then help identify non-budgetary causes of financial problems (such as marriage break up, job loss, family problems, excessive gambling, compulsive behavior, and substance abuse). In contrast to the American system where pre-bankruptcy credit counseling appears designed to talk people out of going bankrupt, the Canadian bankruptcy credit counselling system is designed to help debtors avoid financial problems in the future. Free debt consolidator’s services are not only debt consolidation loans. They’re also offer credit counseling services to help debtors get their credit under control. And that is the average?which means there are plenty of people above that as well. What a good, legitimate credit counseling service will do for you is work with your creditors to reduce your interest rate and monthly payments. This way, you will be paying less out each month, but lowering your balances more. So, how could you avoid yourself from falling into these traps? Let go through 2 scenarios that you will potentially faced when approaching a credit counseling service which may run by scams. Scenario 1: Propose A Debt Solution Without Analysis Your Financial Situation When you consult a credit counseling agency, the counselor suppose to analyze your financial situation by understanding all your debts, expenses and financial affordability before he work out plan that best fit your financial situation.

Source: How To Rebuild Credit

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