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Handling overdue debts
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A credit counselor is NOT trained to advise you in which area?


A qualified credit counselor can help you manage your debt and improve your overall financial education, not play the stock market.

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True or false: If you turn to a credit counselor for help with your debt, a non-profit is usually better than a for-profit agency.


Some for-profit agencies take advantage of those struggling with debt by charging high fees. Try to use a non-profit counselor, and be sure you understand the costs up front.

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Key Takeaways

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  • Consider negotiating with your creditors if you have debts you’re struggling to pay
  • Many creditors are open to negotiating the rate, repayment plan, and more
  • If you want to negotiate a difficult debt with a creditor, be sure to do your homework ahead of time and know where you stand—how much you owe, how late you are, and what you can afford to pay
  • Consider whether a credit counsel can help you get a handle on your debt, and try to choose a debt counselor from a non-profit agency 
  • Reputable credit counselors will charge little or nothing for an initial meeting
  • No matter what credit counselor you choose, be sure you understand any fees or obligations ahead of time
  • You can find a reputable credit counselor via the Federal Trade Commission or the National Foundation for Credit Counseling