Credit counseling Singapore – EDUdebt offers a range of financial help, including budgeting, money management and debt reduction. Most reputable credit counseling companies are nonprofit organizations. They also usually have accreditations from the National Foundation for Credit Counseling and the Financial Counseling Association of America, which helps consumers vet them as trustworthy.
A credit counselor can help you create a debt repayment plan or work with your creditors to get your interest rates reduced and fees waived. You typically make one payment to the credit counseling agency each month, and they distribute it to your lenders as per a debt management plan. The agency can also help you scour your credit report for errors that may be lowering your score.
Understanding Credit Counselling Services: A Lifeline for Debt Relief
Some credit counselling agencies can even help you find a home or job, and some offer other types of financial education. Others specialize in specific areas, such as student loan counseling, bankruptcy assistance, or foreclosure intervention. Some have online or over-the-phone counseling, while others have physical locations that you can visit.
Credit counselling agencies are a great option for people who have the discipline to stick with a budget and debt reduction plan over a few years. They can reduce the amount of time it takes to pay off your debt, and they can make sure you’re making payments on time so you can build up a good credit rating again. In more dire situations, debt settlement and debt consolidation are better alternatives to credit counselling.