The Problem with Credit Counseling

Programs like credit counseling and debt consolidation have a very low program completion rate because they only provide a small amount of interest relief, which is not enough for consumers to become debt free. Unfortunately, unlike its initial intent, credit counseling has very little actual useful counseling anymore. As more American consumers found themselves in debt, an industry boom occurred in the credit counseling industry. With this boom came the overnight birth of greedy companies looking to capitalize on the misfortune of others. Of course when these companies began to flood the industry, the actual usefulness of the industry began to diminish. It is now very difficult to find a trustworthy credit counseling agency. In theory, credit counseling was a commendable attempt to help consumers but never quite stayed on it's original path. It actually appears now that credit counseling and debt consolidation work more in the favor of the creditors.

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