Consumer counseling credit card consolidating debt

Discover Card is serious about safeguarding your personal information online.When you access your account and perform transactions on the Discover site we use 128-bit-Secure Sockets Layer (SSL) encryption technology-the most widely used method of securing internet transactions available today.Credit counseling organizations can review your entire financial situation and work with you to create a plan to tackle your financial challenges.They give advice about credit issues, budgeting, money management and debt management.The first is a personal loan, which is usually repaid over a period of one to seven years.The fixed time period helps people pay off debt faster than a revolving credit line, which usually only requires minimum payments.Credit counselors may charge fees for some of their offerings, but many services can be provided for free or for a low fee, especially if you work with a National Foundation for Credit Counseling certified consumer credit counselor.Debt consolidation is the clear winner for people who aren't struggling to meet their debt obligations but simply want to save money on interest.

This allows you to have fewer payments to worry about each month while hopefully reducing the amount of interest you'll pay.

Your credit counselor may also work with your creditors to negotiate lower interest rates or waive certain fees.

Cons: Some credit counselors may charge a fee for some of their services, and you may have to agree not to apply for new credit or use your existing credit if you participate in a debt-management plan.

For instance, if you just have a couple of credit card bills but you have plenty of disposable income to make extra payments each month, consolidating your credit card debt to a personal loan with a lower interest rate could save you money on interest and allow you to pay off your debt faster.

On the other hand, credit counseling usually makes more sense if you're struggling with your debt.

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