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Questions & Answers > Debt Management Help > What Can I Do If A Self-Help Debt Management Plan Doesn’t Work For Me?

What Can I Do If A Self-Help Debt Management Plan Doesn’t Work For Me?

By Derek Brown
Published: Friday, December 31st, 2010

In instances where no degree of do-it-yourself practices can save you from incurring debt, you can opt for other ways to help you repay monthly fees. If you cannot act on a debt management plan you made yourself, unable to communicate well enough with your creditors to present alternative payment patterns, you might want to consider credit counselors of debt management agencies or companies. Credit counselors work in offices, through the telephone and via the internet.         

Credible counselors from trusted agencies, organizations, and companies often initialize sessions for one hour with their client’s desired or preferred schedule. To follow up on the progress, the counselors then conduct more training and workshops. Managing one’s own finances may really be difficult for some and this is where the role of outside help comes into play.

 Here are some things to remember when getting a credit counselor. 

First, make sure that they don’t charge too much. In the same way that there are agencies, organizations, and companies that claim that they don’t charge anything to credit card holders or consumers (which consumers find to be false later on), there are also those that will charge too much. You have to reasonably weigh if the costs for the counseling service is within your capacity to pay every month—and even more basic is knowing if the counseling service is worth the money you pay in the first place. The assumption here then is to only go for the counseling you can afford. 

Secondly, stray away from credit counseling help that name their fees differently but basically operate to collect fees from you without even being transparent as to tell you where your payment goes. Companies that claim they don’t charge anything to people seeking their services are often made to recoup their investments via what they call “voluntary contributions”. Often this is actually not “voluntary” since some companies would tell you that the continuation of the counseling service exclusively depends on such. 

Lastly, credit counseling agencies, organizations and companies asking for your personal financial information as a requisite for them to render their services are the last thing you need when you are in so much debt. As experiences of credit card holders in the past have shown, disclosure of financial information is a sure way to lose money find you in so much debt. 

While you can seek the help of credit counselors when self-help doesn’t work, you must also be careful at all times.


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