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At Solvable, we care about your financial well-being and are here to help. Our research, articles and ratings, and assessments are based strict editorial integrity. Our company gets compensated by partners who appear on our website. Here is how we get compensated.
At Solvable, we care about your financial well-being and are here to help. Our research, articles and ratings, and assessments are based strict editorial integrity. Our company gets compensated by partners who appear on our website. Here is
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You can find consumer credit counseling services from independent agencies certified by the National Foundation for Consumer Credit.
Credit counselors can help you with budget planning or a debt management plan to help you pay off your debt.
Initial consultations with counselors are often free and can be done by phone, online, or in person.
Dealing with debt on your own can be very difficult, especially if you owe a large amount of money. Although there are many ways that you can get out of debt, seeking Consumer Credit Counseling Services (CCCS) from an accredited agency is one of your best solutions.
CCCS can help you get your finances in order so that you can pay off your current debt and avoid going into more debt in the future. Here are a few things you should know about CCCS if you’re looking for a way to deal with your debt.
Credit Counseling Services History
While it may seem hard to believe, using credit cards wasn’t always a fact of life. When credit cards were first introduced, not many people understood what they were or that using a credit card incorrectly could result in a tremendous amount of debt. In response to this new invention, the National Foundation for Consumer Credit (NFCC) was formed in 1951.
The NFCC was originally founded to promote financial and credit literacy among the population, but their services soon expanded. In particular, the NFCC started offering credit counseling services across the country.
Consumer Credit Counseling Services agencies have been certified by the NFCC and operate similarly to an independent franchise of any other large business. Agencies that offer CCCS are independently operated but are members of the NFCC, which both certifies individual counselors and provides educational materials.
Every CCCS that you visit is also a 501(c)(3) nonprofit organization. This is very beneficial to those dealing with credit card debt, as it means the counselor is motivated to help the client get out of debt instead of making a profit.
What Happens in a Credit Counseling Session?
When dealing with large amounts of debt, it’s common to worry that you’ll be judged if you seek assistance. One of the main purposes of a CCCS is to provide consumers with a judgment-free environment where they’ll be able to receive the support and advice they need to get out of credit card debt.
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When you visit or call an agency that provides credit counseling services, you’ll take part in a consultation with a counselor who has been certified by the NFCC. The length of your session will depend on the complexity of your financial situation. Your session will involve several different steps, including:
A review of your debt and finances
Advice from the counselor for getting out of debt
Development of a workable budget that will help you avoid further debt
Every person’s debt situation is different, which is why creating a realistic budget tailored to your lifestyle is important. By following the budget given to you by your counselor, you will hopefully be able to achieve several different goals:
Pay off your debt
Improve your day-to-day finances
Build savings for a more stable future
Your credit counseling session is free of charge and is not binding in any way. The only goal is to give you a solid plan to help you get out of debt and stay debt-free.
Agreeing to Debt Management Plans
One of the biggest benefits of visiting a Consumer Credit Counseling Service office is the opportunity to arrange a debt management plan. The primary purpose of a debt management plan is to consolidate your debt payments and your unsecured debt into a single payment.
Having only one monthly payment should be much easier to manage; you won’t have to keep track of multiple payments to multiple creditors. Debt management plans also have several other advantages over trying to handle your debt yourself.
The monthly payment you make as part of your debt management plan may be reduced from what you would pay your creditors individually. You may also be able to lower your interest rates.
In general, a debt management plan will take between three and five years to pay off, depending on the amount you owe and how many creditors you have. While this may sound like a lot of time, it could take decades to pay off your credit card debt if you continued to make only the minimum monthly payments on your cards.
Getting the Most Out of CCCS
If you’re interested in arranging CCCS and want to get the most out of the process, there are a few steps you can take. It’s a good idea to do a little legwork before your consultation. In particular, you should get your financial information in order so you don’t have to take time away from your session searching for a specific document. Some of the information you may want to gather includes:
Credit card statements
Loan information
Details of your monthly expenses
Income information
You also need to make sure that you set aside enough time for your counseling session. Trying to rush through a session or ending it early because you have other commitments is never a good idea. In general, you should set aside an hour to an hour and a half for your session.
Should You Seek CCCS?
Virtually everyone can benefit from CCCS, even those who are not currently dealing with debt. CCCS agencies will usually offer financial planning services that can be useful for those who want to live their lives debt-free, and the agency may also be able to give advice for dealing with several different types of loans, including student loans.
CCCS are particularly useful for those struggling with debt. With aid from your counselor, you should be able to get your finances in order, pay off your debt, and work towards a more stable financial future.
When you’re living with debt, you may need professional help, and Solvable is here to connect you with some of the best debt relief companies in the country. You can read our reviews to decide which debt relief company is right for you and review our articles to learn more about different solutions for clearing your debt.
Solvable is a for-profit company. But a free service for consumers. Partners cannot pay us to guarantee favorable reviews or ratings. We do not publish favorable (or unfavorable) reviews or assessments at the direction of an advertiser or partner. We always work to put consumers first and do our best to provide value in meaningful ways. We only work with companies that put the consumer first too.
How We Make Money
Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
In addition, we may be compensated in the following ways as well:
Referrals to consumers who use the online form or locator line that may provide expert answers to questions;
Marketing tax resolution, credit correction, student loan, consumer law services such as FDCPA and bankruptcy assistance;
Ads served through companies such as Google (We don’t totally control all of the specific ads that appear on our site.);
Referrals to services that help consumers with tax resolution, credit correction, student loan, consumer law services such as FDCPA and bankruptcy assistance and that may negotiate settlements on their debts
We do recommend that you shop around and compare services and costs with other companies while performing your own due diligence, especially since people’s experiences with companies can change over time.
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The offers that you are matched up with are from companies or attorneys/law firms that we may receive compensation from. Based on our initial review of such companies or individuals, we feel comfortable introducing them to our readers. We won’t recommend something just because we’re offered payment to endorse or promote it. However, we do recommend that you shop around and compare services and costs with other companies while performing you own due diligence, especially since people’s experiences with companies can change over time.
We may be compensated for the following:
Referrals to consumers who use the online form or locator line that may provide expert answers to questions;
Marketing tax resolution, credit correction, student loan, consumer law services such as FDCPA and bankruptcy assistance;
Ads served through companies such as Google (We don’t totally control all of the specific ads that appear on our site.);
Referrals to services that help consumers with tax resolution, credit correction, student loan, consumer law services such as FDCPA and bankruptcy assistance and that may negotiate settlements on their debts.
We are not attorneys and we don’t provide legal advice. As always, we encourage you to do your homework and check out individuals and companies before you hire them. If you are already working with an attorney, we urge you to ask them your questions. After all, they will be familiar with your situation and the laws in your state.
We hope that you find solvable helpful in your efforts to get a fresh start.
Personal Loans Advertiser Disclosure
The Personal Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Personal Loan companies or all types of offers available in the marketplace.
Personal Loan Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which loan works best for you and your own personal financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s or affiliates discretion. There is never a guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms that were shown.
Be sure to speak with your representative about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask up front about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $35,000 may be available through participating lenders or affiliates; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. In some cases, lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Ask your representative for details.
Credit Card Advertiser Disclosure
The card offers that appear on this site are from companies or affiliate offers from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear). solvable does not include all card companies or all card offers available in the marketplace.
Credit Card Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which card works for you and your personal financial situation. Information is provided by the Credit Card Providers and is not a guarantee of approval.
All credit card rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s discretion. All reasonable efforts are made to provide and maintain accurate information. There is no guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms shown.
Any opinions, analyses, reviews or recommendations expressed in articles, marketing materials or otherwise are those of the author’s alone and/or solvable, and have not been reviewed, approved or otherwise endorsed by any Credit Card Provider.
See the online Provider’s credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on the provider’s website.
Business Loans Advertiser Disclosure
Business Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Business Loan companies or all types of offers available in the marketplace.
Business Loans are those loans that are for commercial use and any property and/or proceeds from the proposed request will be used by the requestor for commercial purpose only and not for any personal, family or household purposes.
Most of our Business Funding Partners or affiliates, do not require collateral for business loans; however, please note that it is possible to be offered another product by the lender depending on your needs and if the underwriting requirements dictate the same. Traditional bank and SBA loans generally are known for collateral requirements.
There is no one-size fits all business loan. Rather there are several types that will likely be offered and or discussed with you upon completing your request. Business Funding Partners determine the underwriting criteria necessary for approval, you should review each Partner’s terms and conditions to determine which business funding option works for your business’s financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Partner’s discretion. There is never a guarantee your business will be approved for credit or that upon approval your business will qualify for the advertised rates, fees, or terms shown. Lender terms and conditions will apply and all products may not be available in all states. Ask your loan representative for details.
Student Loan Refinancing Advertiser Disclosure
Student loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all student loan companies or all types of offers available in the marketplace.
Pursuant to the contracts between solvable and the Partners or affiliates on its Network, solvable may also receive information from the Partner or affiliate regarding the status of your application including, but not limited to, the amount or disposition of your loan. Information specific to the Partner/affiliate’s use of your information will be found in their specific Privacy Policy.
Potential savings may vary based on the interest rates, balances and remaining repayment term of the loans you are seeking to refinance. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Variable rate options will fluctuate over the term of your loan with changes in the LIBOR (or other index utilized by the lender) rate, and will vary based on applicable terms and presence of a cosigner. Fixed interest rates may be based on applicable terms and presence of a co-signer. Additional terms and conditions, and rates are subject to change at any time without notice and may not be available in all states or for all types of current student loans. Such changes should only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Lenders are required to provide every potential borrower with disclosure information before they apply for a private student loan. The Lender you select is required to provide you with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan. solvable is not a lender or creditor, it does not offer, extend or alter credit terms. Only participating lenders can perform the full application and deliver the required disclosures, please ask your lender about rates, terms, fees, and potential discounts that may be available for each product.
Please Note:
Certain federal and private student loans may not be eligible for consolidation/refinance.
Certain consolidation/refinance plans may result in higher monthly payments or negative consequences (i.e. prepayment penalties).
Consolidation/refinance may lead to other negative results, such as loss of grace periods.
Loans in default generally cannot be consolidated until completion of a repayment trial plan so tell your lender if you are in default and determine relevant options (be wary of those asking for upfront fees as well)
Other options or programs may fit your needs (i.e. personal loan, debt consolidation and/or debt relief). Consult your financial and/or tax advisor prior to making any decisions.
Solvable is not a creditor as it does not offer, extend or alter credit; rather it is an online market lead generator that allows consumers to shop and compare rates, terms and costs associated with financial products such as mortgages, auto loans, personal loans, student loans, etc. solvable does not originate or fund any product it markets; rather it has a network of lenders or Partners/affiliates. You may choose to speak with one or more of these lenders or Partners/affiliates to determine what your actual terms and savings may be. Only a lender can provide you with a formal application for credit, your inquiry form here is merely an expression of interest and/or intent to obtain credit or assistance. You must discuss your actual credit situation and fill out the lender’s required documents prior to obtaining an extension of credit. Network lenders may not have the best or the lowest rates so you are encouraged to continue to shop and compare additional lenders, credit unions, local financial institutions, etc. to ensure you are truly getting your best deal for your situation.
You should contact your tax professional or other financial advisor to determine if you can actually realize savings by refinancing when it can extend the life of your current loan. You should ask the lender about all terms, rates, fees and costs associated with each product and if you will realize a net tangible benefit from the same. All initial estimated savings is done by trying to calculate what your rate may be; however, solvable does not have that information and cannot guarantee potential savings or that lenders will approve you for such product that would warrant those savings. Rates are not guaranteed and change daily. Lenders/Brokers/Dealers/Partners that perform the actual underwriting will have to determine if you meet their underwriting criteria which is unknown to solvable at the time of matching/offer/quote delivery. All amounts are estimates and examples only and do not represent an actual offer.
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