Credit Counseling:

Credit Counseling Program is a nice way of getting you to pay the entire amount of the Debt with a lower fixed interest rate. Credit Counseling programs are generally bank sponsored programs and credit card companies. Under this program the creditors get the full amount of the debt and an interest rate which is somewhere between 12% to 15%.

Once enrolled into a Debt Consolidation/Credit Counseling program, it affects your credit report and is viewed similar to filing for chapter 13 bankruptcy.

Credit Counseling is looked at as if you cannot pay your cards as agreed by your creditor. Once enrolled, it is reported to your credit bureau as Debt Consolidation repayment program. Once your credit is flagged for Debt Consolidation repayment program, very few creditors will extend credit to you and if so, they could charge you an extremely high rate.

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