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| Home : Bankruptcy Law : Debt Counseling | |
Debt Counseling
Debt counseling can help consumers organize their debt and pay it off - this is called debt reorganization. Often, a debt counselor can negotiate reductions in interest rates or settlements with creditors. Debt counselors, in general, establish a debt repayment program, allowing for reduced payments over a period of time. Debt Counseling offers an alternative to bankruptcy. Debt Counseling is not a loan, however. Many credit counseling agencies will allow you to make only one payment a month, and the debt counseling company will apportion the payment among your creditors.