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Have An Emergency Fund - In life, things happen that we don't expect, car breaks down or an appliance dies, and unless you have an emergency fund tucked away you...

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Online Consumer Credit Counseling

Online consumer credit counseling services are a rapidly emerging industry intended to help consumers with a great deal of credit card debt. These companies work as an intermediary between credit card holders and the credit card companies when the users run into the problem of having too much credit card debt.

When a consumer decides they need to do something about the amount of credit card debt they are in, they can contact a online consumer credit counseling company for help. These consumer credit and debt consolidation services offer a number of different programs, from debt consolidation to bankruptcy programs, that can help a credit card user reduce their debt to manageable levels.

These online consumer credit counseling companies work in collaboration with one or several law firms who are experts in understanding credit card laws. After the credit card holder and the online consumer credit counseling company agree to a contract, the credit card management services company then contacts the credit card company on behalf of their new client. The credit card management services company then works with the credit card issuer to come up with an agreement where the cardholder pays back their debt at a set, lower interest rate over time.

Once the agreement is in place, the card holder can no longer use their credit card. It is frozen, and all payments are made to the credit card management services company. For a set monthly fee over a certain period of time, the online consumer credit counseling company distributes monthly payments on behalf of the card holder to the credit card companies they have negotiated with. This process can take a significant period of time, depending on the amount of debt accumulated by the credit card holder. It can also damage an individual’s credit rating significantly, as credit card companies will see that the card holder is incapable of paying off debts on their own. On the other hand, online consumer credit counseling can help reduce monthly payments owed by a card holder by a significant amount.

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