No. of Recommendations: 0

The reason why I thought Consumer Credit Counseling was dangerous to my credit rating came from the following snippet, which was posted on the TMF Money Advisor by one of the fellow members... Is this true or not? According to this, my credit would be impaired even after I complete the program. Can someone tell me with any certainty whether this is the case?

Also, the point is made below that they can't do anything I can't do myself. Is that true as well? If they could take my $50K of debt and make it more manageable, especially by bringing down these interest rates of 20%+, then it would be worth it, right???

Here is the post:

"2. Consumer Credit Counseling: Credit counseling works by a counselor negotiating lower interest rates with your creditors and in some cases getting them to agree to modify your payment arrangements. While this option may be attractive, it is important to understand that this will result in a "Consumer Credit Counseling" notation on your credit report on each account included in the credit counseling. This can significantly impair your ability to obtain future credit, even after you complete the program. Further, since most consumer credit counselors receive funding from credit card companies, some people feel there is a potential conflict of interest. As a final point, you can often negotiate a lower interest rate with your creditors (we can help you with this on the board), especially if you have been a good customer, so credit counseling may not accomplish anything you can't do on you own."
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