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1. Some might debate whether we're still in a recession, but
even before the recession there were still millions of
Americans that were in serious trouble with their credit
card debt. With the recession, the unemployment rate and
the housing crisis there are still a lot of consumer worried
about the economic downturn. More now, than ever, the
number of Americans that are suffering from extreme
credit card debt is growing and a large number of that
population is seeking professional help for their credit
card problems.

2. There is currently $800 billion in credit card debt in the US,
with the average household holding around $14k in credit
card debt and the number growing with each year, the
popularity of credit counseling has been rising
simultaneously.

3. Credit card debt is a problem for a lot of folks and can get
unmanageable when you find yourself missing payments,
and the total balances start climbing past your annual
income. For those of us that are really stressing out about
our credit card debt, and befuddled about what to do with
ourselves credit counseling might be a viable alternative
to bankruptcy.

4. Before you join any program you should really weight out
the pros and cons, that rule should be important when
you're dealing with anything financial.

5. Credit Counseling Pros:

6. · Education: In the 1950s credit counseling was first
established as a way to spread "financial literacy"
throughout the US. Credit counseling is still a very
valuable educational resource for personal finance, and
somebody who is deep in credit card debt is probably a
personal finance misfit who has never had anybody speak
to them in regards to things like debt, setting up a budget
and credit cards. Good credit counseling revolves and
focuses on educating the consumer and providing them
with the tools, resources and information on how to avoid
bankruptcy.

7. · Interest rates: If you choose to enter a debt management
plan (DMP) than you will benefit from your credit
counselor negotiating with your creditors lower interest
rates for your credit cards.

8. · Harassment: Are you tired of harassing creditors calling
you while you're at home or trying to spend time with
your family? Well if your credit counselor has done his job
than those phone calls should most likely stop.

9. · Save Money: A good credit counselors is skilled at the art
of negotiation and will negotiate lower interest rates for
you, get credit card fees, and over the limit fees waived.

10. · Credit rating: In the long run getting rid of your debt, and
paying off your credit cards in a timely fashion is going to
eventually help your credit rating but even more
important give you peace of mind.

11. Credit Counseling Cons:

12. · Monthly fees: Most credit counseling organizations are
non profit, but that doesn't mean a debt management
plan isn't going to cost you. Most DMPs will cost a
consumer around $50 tops.

13. · Home buying: If you're in credit counseling it will show
up on your credit report and banks may have a hard time
lending to a borrower that has supposed credit card
problems. This is something to consider if you're in the
market for a home, but sometimes a credit counselor can
take you off the program if you're in the market for a
home, temporarily, until you have closed on your homes.

14. · DMP: Some credit counseling organizations will take you
off the debt management plan if you miss one payment,
so you have to be cognizant and on top of your payments.

15. Credit counseling has helped many individuals out of debt,
but that's not to say that it comes without problems,
getting out of debt takes discipline, hard work and
sacrifice. You have to be committed to your personal
finance growth if you want to become financially
independent from debt.

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