Getting Credit Counseling

Do you need credit counseling?

Are you spending all of your income from every paycheck? Are you worried about your mounting debt? Do you find it next to impossible to save for retirement? Have you been contacted by debt collectors?

Take action immediately if your borrowing is getting out of control. Contact your lenders to develop a workable repayment plan. If credit cards are the problem, stop using them or even cut them up.

Your next step is getting expert assistance. A qualified credit counselor can help.

There are several organizations available that help individuals when all else fails.

The Federal Trade Commission offers facts for consumers to consider when choosing a credit counselor.* Among these are to be very wary of organizations that offer to fix your credit rating or want you to pay them a fee to get you out of debt easily. If their pitch sounds too good to be true, it probably is.

The NFCC (National Foundation for Credit Counseling)* is the nation's largest financial counseling organization. The NFCC Member Agency Network includes over 800 community-based offices located in all 50 states and Puerto Rico. In 2010, 3.2 million consumers received financial counseling and education from NFCC Member Agencies in person, over the phone, or online.

Good credit habits

• Never borrow what you cannot repay.
• Never borrow for a luxury if you cannot afford the necessities.
• Prioritize your borrowing.
• Reserve some borrowing capacity for emergencies.