Consumer Debt Counseling


Visitors: 347

Consumer debt counseling refers to the process of advising consumers on the various ways they can clear their debt without resorting to bankruptcy. The target audience is those people who have run up huge credit card balances that they find hard to pay back. The consumer debt counseling industry evolved in recent times primarily due to the increasing debt levels in American society.

Consumer debt counseling also helps creditors get back their money when the debtors are made capable of paying back the dues. This helps creditors since otherwise, the debtors would file for bankruptcy and the debt would be discharged. Creditors have long supported the growth of the consumer debt counseling industry. This has been in practice since the 1980s. An estimate in the prefatory note in the Consumer Debt Counseling Act (2004) mentions that creditors returned 15% of the money they made from the consumer debt counseling industry back to this industry.

However, as with any industry, this industry too has witnessed dramatic changes. Rising credit card debt among Americans prompted the growth of a large number of consumer debt counseling agencies. While most of them entered with the right intentions, a few of them spoilt the field by failing to deliver on their promises, thereby hurting consumers instead of alleviating their misery. The wide coverage that such incidents received in the media has made individuals apprehensive to seek the help of such agencies. Individuals have increasingly started to resort directly to bankruptcy rather than try consumer debt counseling.

Though consumer debt counseling works wonders, the success lies in understanding that both the individual and the counseling agency need to be disciplined and honest in sticking to their commitments and promises. This is easier said than done, since it’s precisely those individuals who lack financial discipline who end up seeking consumer debt counseling.

Debt Counseling provides detailed information on Debt Counseling, Debt Consolidation Counseling, Credit and Debt Counseling, Consumer Debt Counseling and more. Debt Counseling is affiliated with Credit Card Debt Help .


Article Source:

Rate this Article: 
Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and .
Rated 4 / 5
based on 5 votes

Related Articles:

Consumer Credit Counseling Is Not The Same As Debt Counseling

by: Ken Wilssens (May 29, 2007) 

Debt Counseling with Consumer Credit Counseling

by: Greg J. Hansward (January 19, 2007) 

Get Help With Consumer Debt Counseling Service

by: Christopher Luck (December 04, 2005) 
(Finance/Debt Relief)

Credit Consumer Counseling - Is This A Viable Way Out Of Debt?

by: Mike Singh (August 30, 2006) 

Debt Consolidation and Consumer Credit Counseling

by: Marjorie Salada (June 30, 2008) 
(Finance/Debt Consolidation)

Finding A Consumer Counseling Debt Service Solution

by: Tiffany Walker (October 23, 2006) 

Consumer Credit Counseling Debt Management Plan

by: Gressly Stevens (April 15, 2008) 
(Finance/Credit Counseling)

Debt Settlement or Consumer Credit Counseling – Which Path Should You Choose?

by: Marie Megge (May 03, 2007) 

Consumer Credit Counseling Services Provide Debt Relief Help

by: Andrew Bicknell (December 20, 2007) 
(Finance/Debt Relief)

Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and .

by: Christina Khan (August 25, 2005) 
(Finance/Debt Relief)