Originally posted 2010-12-11 01:16:42. Republished by Blog Post Promoter

It may be prudent to attempt several easy solutions first before you start searching for organizations or companies providing credit debt help.  First of all, you need to look closely at your various expenses to determine if you are spending on a number of things that cannot be classified as necessities so you can remove them from your monthly budget.  Actually, this could be the easiest route towards being debt-free because you have absolute control over this even if a little sacrifice may be required.  Another way to solve the financial problem is to ask for a loan from family members.  However, you should keep in mind that this will require proper documentation because your relative may be asked by the IRS to pay either a gift tax if the loan is regarded as a gift or income tax for an imputed interest.

Another possible solution that you can look into before looking for credit debt help is borrowing from his 401(k) or getting a debt consolidation loan.  One way to consolidate various credit card debts is through a balance transfer card that carries an introductory low interest rate.  However, you will need to check that the balance transfer card’s normal interest rate after the introductory period has elapsed will not be larger than the rates that your original credit cards carry.  Another way is to get a home equity loan if you have already accumulated substantial equity on your home.  

If you still think that you will require credit debt help after attempting the above recommendations, it is time to search for a credit counseling service.  You may want to start looking for a non-profit organization offering this kind of service.  However, it should not be assumed that they will not collect any fees just because they are listed as non-profit agencies.  You will then need to look at the membership and monthly fees, including their privacy policy to ensure that your confidential information is safe.  It is also advisable to determine the kind of services that they provide beforehand, such as counseling, budgeting advice or a debt repayment plan.

After registering for this type of credit debt help service, you will then discuss the amount that you will be paying each month with your assigned counselor.  You will then pay this amount every month to the service provider and it will be in charge of paying your various creditors.  The immediate advantage of this kind of arrangement is that you may no longer receive those annoying phone calls from the creditors and you only need to write one check as opposed to one check for each creditor. Click Here for more details

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