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Home > Financial Services > Debt Services > Consumer Budget Counseling

Consumer Budget Counseling

Consumer Budget Counseling, Inc. is a non-profit organization formed to help reduce the incidence of personal bankruptcy by assisting clients with personal money management and assisting individuals and families who have financial problems.

The firm will work to educate the public to the uses and abuses of consumer credit and provide information to the public on budgeting, buying practices, and the sound use of consumer credit through the use of films, speakers and publications.

The organization will provide consumer credit and budget counseling to families and individuals who are in need of assistance by providing individual counseling and, if necessary, by establishing budget plans. Under their debt management plan, clients voluntarily make fixed payments to the organization. The funds are then kept in a trust/escrow account and disbursed on a partial payment basis to their creditors, whose approval of the establishment of the plan is obtained by the organization.

The organization will put forth effort to establish a resource center and clearing house to compile collect and disseminate statistical and other information about unconscionable and abusive credit practices. Finally, the organization will engage and support research about consumer credit practices and abuses.

Their program is designed to save their clients money. There is a basic monthly service fee of 7.00 dollar per debt enrolled depending on the creditor. For Their typical client, however, this fee is insignificant when compared to the overall savings their program provides. These savings are achieved through the process of re aging accounts, thus eliminating expensive late fees, and with reduced or waived interest charges.

Their organization deals with hundreds of creditors nationwide, each creditor maintaining their own policies and procedures. Therefore, they have no control over, nor do they make any guarantee, regarding how creditors my elect to report a client’s account.

Debt Management Programs are primarily designed for those who have accumulated a fair amount of unsecured debt and are unable to make the required monthly payments. What usually happens is that some people fall behind on some of their payments, which tends to increase their minimum payment. Interest charges build up and then, when you go into arrears, late charges are added monthly, increasing your debt. Due to insufficient funds, it becomes impossible to catch up. Their organization can help by contacting all of the unsecured creditors, notifying them that the client has enrolled in their Debt Management Program.

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