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Credit Counseling Disadvantages

As with any form of debt control, there are disadvantages that can occur. Knowing what to look out for, what questions to ask and what to avoid can help you in making the right choice.

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There are disadvantages to every system. It is important to keep these characteristics in mind:

  • Charge Fees
    Credit counselors charge you money to call your creditors and talk to them about your payments, which is something you could also do. They negotiate for you, but charge you to do so.
  • No monetary help
    Credit counselors do not offer loans to help you pay off your monetary debt.
  • Scams
    Check out your agency thoroughly. See how long they’ve been in business and find others who have direct experience with them. Ask questions and be objective.

Although there can be disadvantages, credit counseling is an intelligent method to taking control of your finances. Education is the best method to stop reoccurring debt.

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* Debt Basics is not a lender or broker. We provide information and research on debt help and debt consolidation. Product and service offerings differ by state.