Credit Counseling

Credit Counseling can be the same thing as debt consolidation. Many companies use “credit counseling” as a nicer way to refer to debt.

A second way that credit counseling can be a “good” term is to actually mean counseling. Many credit reduction companies and private financial institutions offer credit counseling as a type of financial planning. Counseling can help figure out how much debt is owed and how to control debt in the future.

Credit counseling can also be a negative thing. The credit counseling industry is so profitable that dozens of new companies spring up each month. Many of them are operated by hucksters out to make a buck at your expense.

I've also seen on many sites that those who have participated in credit counseling warn those who haven't not to sign-up.