Read Consolidated credit Reviews and Get Your Debt Management Tips

Consolidated Credit Counseling Services is a credit card counseling service company. They provide credit counseling, financial education and debt management programs for consumers seeking to consolidate credit card debt and other bills. Read consolidatedcreditreviews to know more about the company. They also offer counseling for homeowners in distress with their HUD (Housing and Urban Development) mortgages, or federal reverse mortgage. As you read consolidatedcreditreviews it becomes quite clear that in addition to counseling services that spans a wide spectrum, they offer educational classes that specialize in creating budgets and advice for people of all categories. For example, there are sections of advice for military members, children and senior citizens.

Since March 2009, the Treasury Department has implemented the Making Home Affordable Plan. Consolidated Credit Counseling Services has certified HUD counselors. So who qualifies for this plan? Its participants are especially those with high "back end" debt. Back end debts are those debts which are in addition to your mortgage debt, such as credit cards. Homeowners in order to avail the benefit of a mortgage modification or refinance must participate in HUD-approved credit-counseling. Under the Plan, if your back end debt is exceeding 55% of your income, you could be eligible for a loan modification. Again, if your income has declined or your mortgage payment has increased to more than 31% of your gross income (all income before taxes), you may receive a temporary, five-year reduction in mortgage payment , as well as significant incentives for successful participation in the program.

Treasury advises credit counselors that one of the important components of the Making Home Affordable program is community stabilization. Treasury views short sales and deeds in lieu of foreclosure as options that minimize the impact of vacant and abandoned properties on communities. Seek more advice on this plan and see if you qualify and are able to free up some money to pay for your unsecured debts. direct tribal lenders - Veterans and other qualified individuals may check with their local VA offices or through VA loan program experts if they are eligible to receive a loan under the program.

Another plan to tackle your unsecured debts is by seeking creditanddebtcounseling. Such counseling may provide you with effective ways of balancing your household expenses. It may also help you ascertain a comprehensive breakdown of your personal assets and expenses. While certain expenses cannot be lowered, it is possible to identify areas where savings can be achieved. This money can then be used for paying off credit card debts.

Another way to debt freedom is with a Debt Management Plan (DMP). A DMP provides credit card debt help when budgetary assistance alone isn't effective. Following credit card debt counseling, your counselor will negotiate with creditors in order to reschedule your creditcarddebt repayments. Instead of paying back the amount specified in the agreement, the consumer will clear debt at an affordable rate. It may be possible to freeze further interest and charges to ensure that any money owed is paid off in about 4 to 5 years.

Does credit counseling affect your credit rating? Simply receiving debt and credit counseling won't result in a poor credit rating. However, entering a debt management plan involves defaulting on the original terms of a credit agreement. The reality is that most clients who enter a debt free solution have already defaulted so a credit score may not have much further to fall. And getting help from counselors will reduce your stress level and a grip on your finances. Once this period of bad credit has elapsed it will not show on your credit report.