Monday, March 24, 2008

CCCS -- Consumer Credit Counseling Services

And since the fortunes seldom change overnight, we have to do something for ourselves. There is no point in expecting a close one or stranger to bring you out from the hurdles of life. Are you under constant mental pressure because of your failures to meet credit card or loan repayment? Do you receive phone calls and repeated reminders and wondering what has happened to your financial credibility in just a matter of few years? If you unfortunately belong to this group, you surely need some help.

Did you remember the time when you get low score in your exams and wondered why things always go wrong? You will not believe it but all of us share the same feeling in our lives. So, the myth of being alone in the dark phase of life is a shattered story now. Now, do you remember the time when during this bad phase, you came out strongly and exceeded the expectations of all, even yourself, by getting good marks. What was the one thing that took you out of the dark phase and keep you going all these years? Believe it or not, it was your fighting efforts that kept you going. So, what has happened to you now?

If you are not aware, there are some consumer credit counseling services (CCCS) which run debt management plans (DMPs). These agencies can help you to reduce the debt burden on your shoulders after you enter the DMP. You will be given a period of 3-5 years to repay your debts. The debt amount will be lowered in the form of fee waivers and other discounts.

Let us have a quick glimpse of debt management plan. A debt management plan is a method which is used for debt cataloguing, assessment of budget and income, renegotiation of the interest rates as well as payments to the creditors.You can join the debt management plan offered by many lenders. The debt counseling done at the CCCS is completely free. The counseling services are funded in the form of fair share contributions from the creditors. Fair share contribution is an amount paid to the CCCS on the basis of amount collected from the customer by the CCCS with the debt management plan. All the payments due to your creditors from your side are to be directly deposited with the CCCS and not with the creditors directly.

After you return to a positive financial credibility with an effective debt management plan, please make sure that you do not again fall in the trap of false-promising loans or credit card agencies for which the sole aim of business is profit without any regard to the business ethics. Remember, it was you who turned the tables once and it will be only you who will do it again.

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