4 Misconceptions about Debt Counseling

Have you ever heard of someone you know who had Debt Counseling and immediately made a negative connection with it and thought that, that will never happen to you and now you are drowning in debt and you have no idea how to get out of it? Debt Counseling has always been seen as something bad, and added a bad tag to the people who have had to go for Debt Counseling, but that is not the case. Debt Counseling/ Support can have quite a few Plus points to it and help you out of quite a sticky situation under the right circumstances.

1. Debt Counseling is not all that bad

So now you are thrown under a pile of bills and a bunch of Creditors are on your back, but you do not want to go for Debt counseling because you do not know what to expect? Well here is the short version of it: Trained individuals (called Debt Counselors) like here at Consumer Debt Support will help you to deal with your debt. They will deal with your creditors and come to an agreement that will allow you to cover your living expenses and apportion the remainder of your available funds to your creditors.

Debt Counselors will also conduct an independent enquiry into your financial circumstances and make recommendations to your Credit Providers and the courts concerning the restructuring of your debt or even suspending reckless credit agreements. In other cases you may not even be “over-indebted” and qualify for “Debt review”, but in this case your Debt Counselor will assist you to work out a better monthly budget which will enable you to repay your debts more effectively.

2. Debt Counseling helps you to Budget better

As part of the trade especially here at Consumer Debt support we pride ourselves in helping our clients set up a more efficient budget and learning them to work from a strict budget. Planning your expenses on a monthly basis helps you to prevent reckless spending or indulging yourself into that luxury item that you really do not need right now.

3. You can start planning for the future

When you are under Debt Counseling you can finally start planning for your retirement. When you are seeing a registered Debt Counselor who helps you to pay a smaller amount to your creditors in a once-off payment, you can start planning your retirement fund or where to invest and extra amount of money in investment portfolios. If for example you are 30 years old and your Debt Counseling plan is 48months and you haven’t a property yet you might be able to buy a property in more or less five years when you are in your peak performance years, if you get the right help to pay your Creditors off at a more affordable premium per month.

4. Debt Counseling motivates you

You can always start paying your individual Creditors a small amount extra each month until you completely pay your debts off. But the major plus point here is that the Debt Counselor takes an in depth look at your circumstances and can motivate you on how to help you more effectively and can help you get a lower premium on some of your Credit agreements

 

The whole win-win situation of Debt Counseling is to get you, your Debt Clearance Certificate from being under Debt Counseling so that you can completely start on a whole new page and begin with a new life, with Financial freedom and a clear heart and mind, knowing that you and your family is financially secure again. In the end you should not struggle financially and go through the stress of handling it all on your own, that is what Debt Counseling is for.

We at Consumer Debt Support are there for you and if you have any more questions head over to our Contact Us page and send us a message or give us a call.