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Credit Counseling warnings: "Lies Exposed!" (The shocking truth-Credit Counselors do not want you to know)
Many people mistakenly apply to credit consultants. Often, people struggling with serious debt to make the dangerous assumption that credit counselors are "good guys" because as "Advertising not-for-profit. "Other times borrowers lured by the debt management companies believe a common" half truth "(from right) are by the agency Agencies and credit counselor alike about how these debt consolidation programs promoting effects on your credit. Do you know how your credit be affected could?
Before we look at the truth behind this misleading claim, let's clarify the terminology and eliminate ambiguity.
You see, "Consumer Credit Counseling Services" has many names … But all these different names are really the same thing. These include many names Credit Counseling, CCCS, debt consolidation, debt consolidation plan debt consolidation program, debt management plan, DMP, debt management program, and of course the infamous "Non-Profit" Credit Counseling Program.
The truth about how credit affects your Credit Counseling
During Enrollment in Consumer Credit Counseling Services does not have more influence on the numerical credit "score" *, where inscribed "CCCS" has a very adverse effects on your credit "worthiness". Credibility is your ability to to get a loan.
(* This can be assumed that the Credit Counseling Agency actually makes your payments on time – which is often not the case, as many, many people The report mistakenly enrolled in such debt management plans.)
Why such a Registration harmful impact on your credit?
Contact Recommend show, it is very likely that you never complete your debt management plan and will most likely file bankruptcy instead.
• Some statistics report 7 of 10 people who enroll in debt management plans are not out of debt.
Just ask mortgage lender in the country …
When you pull your credit report, each account in your "debt-management plan" is only listed as a bankruptcy would, with a note under each account says something like:
"THIS CONSUMER account in Credit Counseling Services INCLUDED"
This means big trouble for you. Lenders call this a "walking bankruptcy" because it is a major red flag * * claim that you can not manage your money and had to hire a third party to do for you. Plus, you still owe the debt and have a much greater risk of filing bankruptcy in the near future.
As these credits is negative at you?
You pay a lot more fees and interest if you are able to loan to All are received during the 4-7 years you are enrolled in your debt management program.
Who's Hiding Hurtful This half-truth (lie flat) from you?
Credit counselors, your creditors and the credit reporting agencies are all in cahoots. They all promote the half Truth that CCCS has no impact on your credit score. The vast majority, including sites not to mention the credit reporting agency, the rest of the story.
While it is true that no credit counseling has touched on your credit score, which is only half the truth.
WHY? …
Because credit counseling has a large negative impact on your creditworthiness.
The truth about so-called "non-profit" Credit Counselors
Do not be deceived by the words "non-profit." The claim that a debt management plan is "not-for-profit" is ridiculous, but it is many people in poor fool make money decisions.
• The IRS has revoked the nonprofit status of over 50% of the credit counseling the industry in the past two years.
· The IRS is an examination of the entire industry!
Here's the proof "they want" you do not see:
· Debt instruments of management programs to the credit card back in the 1950s, the industry created
• The banking industry Lobbying Congress to achieve its vaunted "non-profit status for the debt-management programs.
• You really are a collection Arm for the credit card industry.
· Next to minimum payments on high interest credit card debt, Credit Counseling, as creditors make the greatest Part of their profits!
· In the CEO's are paid very well from the kick backs they receive (so-called "fair share", usually 15% all payments by you) – from your creditors!
° plus, do not you pay a monthly fee 35-85 $?
How is a non-profit?
On top of these costs to you, many credit counselor ask their clients who come to them deeply in debt, for a "donation" to their "non-profit" Organization. These agencies often pressure their clients into making "regular donations."
Is this acting in your best interest?
A Secret Credit Counselors were able to hide for a Long Time
The goal of these programs is to:
Consumer to pay back 100% · Fool their assets, plus interest if they are in deep financial trouble, rather than the bankruptcy or seeking debt of these options can do much better suitable.
A lot of profit has been made of this "non-profit debt consolidation programs over the years. The banks and credit institutions, credit reporting Agencies and the politically sensitive to these corporate giants lobbying to encourage any such debt management plans, because that is how they stay in business.
In 2004, Frontline and The New York Times, PBS produced "The Secret History of the Credit Card" and went on to 2004-05 Grammy for outstanding investigative winning journalism. (Google "The Secret History of the Credit Card" to look at this program for free online – information that you wish you much sooner had, if you'll have to deal with credit card debt known.)
Now the truth is out, but your creditors are still hoping not to find out …
Is there a better alternative than Credit Counseling?
Now you understand me wrong, debt management programs can be a great Thing for certain people. Could credit counseling is the best option for you?
Sometimes when a person can not qualify for a better program To eliminate debt faster, at lower costs and a lower payment with credit card Credit counseling may do less damage to his best.
It can not be. I have helped many people to get out of debt through credit counseling over the years, but only after they have been educated on all of their options, and the whole truth about each. I personally believe it is immoral to promote a single solution, rather than us on the individual and specific circumstances of the situation to the exact Discover the best solution for them.
Share these facts with the people you know, before someone else as another sad statistic!
Learn the difference between can "Rating" and "credit" and learn how Credit So you have to work it works for you.
Are you 100% sure Consumer Credit Counseling Services is the best option for you to get out of debt? If you want to get out of debt ASAP, then you should You know the other options are available.
About the Author
Hi! I’m Jesse Niesen of DebtGoToGuy.com, author of “Debt Free ASAP!”
For a limited time I’m offering the 29-page, full-color “Debt Relief Analysis” & Guidebook I sell online at DebtReliefAnalysis.com for $27.00 as a free gift for all new subscribers to the Debt Relief Guide Online.
Get free instant access now and Debt Relief TODAY at http://DebtGoToGuy.com.
Here to Be an Asset to You,
Jesse Niesen
DebtGoToGuy.com
888-928-DEBT
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