I'm considering a credit counseling service. First, does paying more do any good? If I pick a company that charges more will I get my interest down farther or anything that makes it worth paying the extra. Also has anyone heard of a 10% of your total amount for the counseling service as a buffer.
I have been with Genus for almost 1 year. No cost to me. They were able to reduce most interest rates with the exception of good old AMEX.What they were able to do I could not. This was my last choice. So far so good. I should be out of debt within the next 2 years. The other ccc would not reduce my interest rate even though i told them of my hardship, hey they do not care.AMEX is the ONLY company that did not want to help, in fact, they RAISED the interest rate when they were contacted by Genus. My sign and travel account will just take longer and I swear that I will always bocycott AMEX.Good luck
How is the cccs at no cost to you? Don't you pay a small amount each month? I've heard from $6.00 to $12.00 per month plus a 10% of the total amount for the cccs company. I haven't committed yet but I want to find out about this 10% that I was told about at the very end of the conversation. It's some sort of buffer.
What's the whole name of Genus, I just tried getting it on the web and all I got for Genus was a film company.
I'm considering a credit counseling service. First, does paying more do any good?No. I actually think it's an inverse indicator. The more you pay, the less good they do. I think the CCC's are more likely to respect a truly non-profit, truly helpful grass-roots organization. If I pick a company that charges more will I get my interest down farther or anything that makes it worth paying the extra. My experience with AmeriDebt is that they charged about as much in fees as they saved in interest.Also has anyone heard of a 10% of your total amount for the counseling service as a buffer. Take your business elsewhere.The credit counseling services are a good "foot in the door" to a hardship deal on your fees and interest. Once they've done that work, they don't do anything. So shop accordingly. I personally took accounts back from AmeriDebt and none of the 7 companies flinched about accepting the same payments from me directly: and I saved $42 a month in the process. Credit counseling is becoming quite a scam and I have just slightly more regard for most of these outfits than I do for credit "repair." It's been years since I ever talked to CCCS, but they impressed me as truly endeavoring to help me and my creditors. They made it clear what it would cost me (some small token amount each month, like $3 -- it was years ago so this information is not very useful today). I hope they're still like this.By the way, "non-profit" does not mean helpful or inexpensive or even honest.RobbRobb
I am the education/marketing director for the Consumer Credit Counseling Service of Idaho. In my research of various credit counseling services, I have found nothing that indicates that it helps to pick a company that charges more. Our office, as is the case with most CCCS offices, charges a monthly fee for being on the program (we charge $15/month - regardless of the number of creditors or amount of debt --- in fact, we will even waive the $15 fee if a client's budget warrants it). No credit counseling service can reduce your interest farther based on how much you pay, and no CCCS office asks for a percentage of your total amount for a buffer. You can check the yellow pages of your local phone book for the nearest CCCS office -- counseling sessions are probably free and there is no obligation to go on the program if you are uncomfortable with it.
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