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Credit Counseling

Consumer credit counseling agencies can work with you to evaluate your financial situation, develop a plan to pay all your bills on time, and lower the total amount of debt that you owe. This may be especially helpful if you have been on disability for many years and have been unable to pay your debts in full.

Services can include:
• Counseling--evaluate your financial situation and develop a budget.
• Debt Repayment--lower your monthly payments and/or consolidate all your debt into one monthly payment.
• Education--learn how to budget, track expenses, improve your credit rating and use credit so you are not overextended.

While these agencies technically are non-profit organizations, and offer most services at little or no cost, they receive funding from credit-card businesses. This can offer a situation in which both you and the agency “win.” Still, it is important to recognize that these agencies are unlikely to recommend bankruptcy because it is in their interest for you to repay all or a portion of your outstanding debt.

Further resources:

Credit Counseling agencies listed in the telephone book.

Debt Counselors of America

Debtors Anonymous

National Foundation for Consumer Credit

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