Credit Cards Online Information

If you're one of the estimated 9 million debt-stressed Americans who seek help from credit-counseling agencies each year, you might be getting less than you sign up for--and may even find yourself in a deeper hole. Why? Because the booming credit-counseling industry, with an aggressive new class of shady agencies, is rife with "improper advice, deceptive practices, excessive fees and abuse of nonprofit status," according to "Credit Counseling in Crisis," a report by the National Consumer Law Center (nclc.org) and the Consumer Federation of America (consumerfed.org). "It is virtually impossible to distinguish the honest, caring agencies from the rip-off artists by just looking at a TV ad or making a quick phone call," says Travis Plunkett, CFA's legislative director and coauthor of the report.

But unless you're on the verge of bankruptcy, "You can take your own steps to get out of debt," says Elisabeth DeMarse, president and CEO of Bankrate.com, a leading Web site for personal-finance information. "The first step is to stop using your credit cards immediately, and then pay two or three times the minimum each month." If you cannot make payments and require debt management, DeMarse advises that you look for a nonprofit agency in your community that's affiliated with the National Foundation for Credit Counseling (nfcc.org). "And," she adds, "it's a good idea to go and visit the agency to make sure it actually exists."

# posted by Medical Information : 5:12 AM