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September 12, 2005

Credit counseling will become more popular with bankruptcy law changes

Chapter 7 bankruptcy will be mission-impossible if you are working. I guess some people will lose their jobs, go for Chapter 7 and then re enter work force. Just kidding, of course, but for some folks out there it won't be a joke. So credit counseling will become a more popular option. That is my guess and it is as good as any, but will see in the short time. Meanwhile I would recommend anyone who considers even remotely entering into credit counseling agreement, to read the small print very carefully and ask certain questions about the fees you are expected to pay.
One thing credit counseling companies often claim is that they are non profit. Sure they make a little money one way or the other, but don't get ripped off. Check about any third party fees that you may be asked to pay. You don't have to pay any. Look for another credit counselor. And always check with Better Business Bureau.

Posted in Credit Counseling at September 12, 2005 02:34 PM

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