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Pick Credit Counselor

1. Moving too fast. If you approach a credit counselor and that counselor doesn’t take time to analyze your unique debt, budget, and income properly be very wary. You really should move on to the next company if an organization is in a hurry to put you into a debt management plan right away.

2. Read the contract. The organization that you choose as your debt solutions provider should practice full disclosure and their contract should be completely transparent so that you can comprehend all fees associated with the process. When you go through the contract it should disclose all fees involved with the debt management plan including enrollment fees, monthly fees and extra fees associate per account. All these fees can definitely add up, and could possibly increase your debt.3

3. Make sure that your creditors will work with your credit counselor. There are some creditors that will not work with credit counseling organizations, and visa versa, there are some credit counseling organizations that will not work with certain creditors. Ensure that credit counseling is a viable debt solution for your different debts.

4. Understand thatcounseling is not free. Even though most counseling agencies are non-profit, and associated with religious organizations be prepared for-at least-a monthly fee associated with your debt management plan. It’s true that the education and counseling you will receive during the process may be free; there is normally a fee associate with enrolling in a debt management plan. Depending on where you are located, and some other variables your monthly, “suggested donation” should be between $50-$75. There may be other fees associated with the program so make sure that the credit counselor discloses any sign up fee or other costs before you sign up to a DMP (debt management plan).