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Where to find help for debt management

By Ruth Racey
Published: Saturday, January 1st, 2011

Practical tips abound everywhere to help us save money. Most of these can be applied at home and even at work. Although cost cutting effectively lets us save money, there is a need to consider debt management help when there the amount we need to pay for is cannot be taken cared of easily even by getting another job or borrowing from another source which needs to be paid for again in the long run. When there are still relatives and acquaintances we can borrow money from without legal settlements involved, then we are not completely hopeless yet. But to prevent the domino effect of borrowing to pay off debt and running off to another source for the next one, we can get assistance instead from those who offer professional counseling and direct involvement in terms of managing our debt.

It is best to seek assistance from non-profit organizations that provide free counseling for those whose debt in total is beyond their yearly income. It is not always a case of indiscriminate spending as most of these individuals may have experienced accumulated debts after job loss, death of a family member who provides financial support, and even ordeals with divorce that normally involves a costly court battle. In case you decide to seek paid services for you debit issues, make sure to transact with legitimate agencies only. Check if they are associated to certain organizations such as the National Foundation for Credit Counseling (NFCC).

Aside from the obvious fact that we seek professional debt management help because of the huge sum of money we need to pay for and the lack of resources to get aide from, we benefit in many ways we may not have imagined. Besides guidance provided by these trained experts on how to save money or earn extra money to pay off debts, their agency handles everything else in between. They transact directly with the institutions wherewith we owe money. With this, interest rates are lowered; penalties are waived off; multiple bills are paid in a single monthly payment alone; and harassing collection calls never have to be answered.

In choosing the right group of people to turn to for debt management help, not only should we check their membership on trusted organizations such as the NFCC, comparison should also be made among those who offer this kind of service. Do not immediately jump for the first company you see online or on an advertisement page. Other factors such as the reputation and effectiveness of their program as proven from testimonials and recommendations of real people especially those you personally know.

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