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Pros & Cons of Credit Counseling
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National Foundation of Consumer Credit Counseling
With more than 1,425 agency offices across the country, they provide counseling and education services on budgeting, credit, and debt resolution.

American Consumer Credit Counseling
This organization will negotiate with your creditors, cut down the interest on your debt and consolidate your bills into one easy monthly payment which can be electronically debited from your bank account.  They work with over 40,000 creditors nation wide and all correspondence with them is done by phone not by walk-ins.  To qualify for this free service you must have over $2000 in unsecured debt which can include unpaid medical bills, personal loans or credit card obligations.

Genus Credit Management receives its support from its creditor members and they allow you allow to keep those credit cards you don't need help paying off.  Whether your participation in this program will be reported to credit bureaus and how such will be reported varies with each individual creditor.  Have them answer this question before enrolling in the program.  

Consumer Credit Counseling Service (CCCS)
This non-profit organization can help you set up an affordable payment plan with your creditors. Their goal is to create a win-win situation where you can both pay your bills and satisfy the creditor. Keep in mind that CCCS is not all pro-consumer.  To be most effective, CCCS must also have good ties to your lenders. Given their position they may down play creditor unfriendly options such as bankruptcy. 

To qualify for the CCCS debt management program, you will be required to see a CCCS counselor for a free budget counseling session.  You can also check their Internet site for information on how to determine the severity of your financial situation and what you can do to improve it.  Play it smart and call CCCS before your account has been sent to a collection agency.  Once this happens the help CCCS can offer is limited.   

Note that while CCCS does not report your participation in its debt management program to credit reporting bureaus, many creditors do.  Before calling CCCS, ask each creditor if enrolling in the CCCS debt management program in anyway affects how they will report your account to credit bureaus. For example, some of your creditors may choose to report your credit as "current" after just three consecutive payments through CCCS.  Others may report that you are participating in a debt management program (which can scare off potential creditors) while others may be even less charitable and report you as "past due" until the debt is paid in full.  

Myvesta.org 
This Internet based debt counseling agency offers help with financial problems.  Consumers also can get one-on-one help via their debt chat room.

Money Management International (888) 947-3752  
A division of CCCS that counsels by phone and face to face.

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