Choosing debt counselors

If you have debt that you need help managing, and you’ve decide to get help from a debt counselor, then you are on the right track. In fact, you are ahead of thousands of Americans who are still in denial about their debt. However, now that you’ve decided to work with a debt counselor, you probably don’t know the best way to go about choosing the right counselor for you. What should you look for in a debt counselor? What kind of services do effective debt counselors offer?

Making the right choice
Financial matters are personal, and when it comes to being in debt, people often feel ashamed of their inability to manage their money more effectively. The care that people put into choosing a doctor or a lawyer should also go into making decisions about debt counselors. After all, credit is a very important factor in everyone’s life, so you should take debt and credit management very seriously. You’ve probably heard complaints about unprofessional debt counselors, another factor that makes selecting a good debt counselor even more difficult. There are certain things you should avoid when selecting a debt counselor and other characteristics you should look for. For example, you should have a clear idea of what debt counseling services will cost you before you commit to anything. No one wants to be caught by hidden fees that cause you more financial worries in the end.

It’s also a good idea, generally, to avoid debt counseling services that claim they are entirely free. Your debt counselor needs to earn a living; if the services are free, how does your counselor make a living? Furthermore, debt counselors who avoid your phone calls or are difficult to communicate with in person, on the phone or via email should be avoided.

Contrary to media myths, there are many credible and reliable debt counselors available to you. But with what might seem like millions of debt counseling services available online, you can narrow your search for debt counselors if you know what to look for.

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A good start is to do contact the Better Business Bureau in your area. They should have a list of accredited and trustworthy debt counselors that are in good standing. After you have selected a debt counseling service, you will be assigned a debt counselor who will manage your account. Debt counselors should be able to develop a good rapport with their clients, answering all their questions and providing timely updates on the progress of their account.

In addition, you should find out how your debt counselor is paid. If you’ve gone with a non-profit service, the debt counselors may receive funds from your creditors as part of a fair share distribution plan. Some non-profits operate on a “donation” basis, which may or may not be clearly stated in their material. Ask your debt counselor clear questions and expect clear answers.

Other things you should look for in debt counselors are accreditation. What kind of training have they received? How much experience do they have in debt management strategies? The kind of services offered by the agency—debt counseling, debt consolidation and debt negotiation—are also important. Debt counselors should be able to answer your questions and provide assurance to their clients.

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