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When you choose to work with a credit counselor

Perhaps your debt has become overwhelming but an experienced bankruptcy attorney believes that you may be able to avoid bankruptcy if you institute a few changes in your financial life. You may greatly benefit from working with a financial planner or a credit counselor. If the individual you choose to work with is experienced, well-trained and properly licensed to do credit counseling or financial planning work, your relationship may be a beneficial one.

Too many credit counseling agencies attempt to exploit customers. As a result, it is critical to do your research on which agencies are legitimate before you begin working with them. Asking your attorney for recommendations may be a good place to start.

Qualified credit counselors and financial planners can help you reign in credit card debt, help you set up payment plans for overwhelming medical bills and refocus your finances so that you can begin rebuilding your credit score. These services often cost some money, though many legitimate credit counseling services are non-profit and are relatively low in cost. However, if you can use these services to your advantage and avoid bankruptcy in the process, the investment may be well worth it.

Be prepared to learn how to budget and stick to a budget if you choose to work with a financial planner or credit counselor. If you are not prepared to take their financial advice and reign in your spending, this investment may not be the best fit for you. But if you work with a qualified professional and put in the necessary financial work this relationship requires, you could be far better off in a year or so than you are currently.

Source: Huffington Post, "Choosing a Reputable Credit Counselor," Dedrick Muhammad, Sep. 3, 2013

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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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