This isn’t Susie Orman advice!I She won’t necessarily tell you what this article tells you in the way it says it. Therefore, I begin this article with a warning. I’ve enjoyed the writings of Susie Orman and other financial gurus just like you have. However, I firmly believe not all of them tell it like it truly is. This is what you need to know. Not all credit repair clinics are alike (and not all are honest). When you’ve thought long and hard about how best to go about consolidating your debt and get back on your feet, you don’t want to let a bad clinic be your undoing.
Commercial Counseling vs. Credit Counseling
First of all, know that “Commercial Counseling” and “Credit Counseling” are to very different things. Before you pay anyone money (which you likely have a limited supply of in the first place) make sure you have the differences down pat.
A “credit counseling service” tends to be non-profits while a “commercial counseling services” (sometimes referred to as credit clinics) will charge you for their services. The charge is usually a percentage of your debt and can run as high as 15% (usually not less than 10%). And get this… (here is the dark secret) they both provide the same service and the credit counseling service (the non-profit one) is often free or almost free. Amazing isn’t it. This is why it is so important to read the work of Susie Orman. She’ll give you these insights that can make such a huge difference in how you approach your debt consolidation project.
We’ve all had cash flow issues. It is a fact of life for most of us. A cash flow problem can be as simple as falling a little short the day before payday to finding that you run out each month and need a little help to bridge your spending into next month’s budget. When this happens, depending on how you deal with it, bad information may begin to show up on your credit reports making hard times even harder.
How We Get Into the Credit Trap
When this happens, and you find that you’ve started to put a bit more than you’d like on a few different credit cards, you need to start to think up a debt consolidation strategy. This where the writings of Susie Orman or others like her will come in handy. However, if you have this bad information on your credit report you may find it hard to get further credit to get the consolidation going. The lenders don’t give you a loan based on how bad you need it. If you’re not a good credit risk, you can kiss your debt consolidation plans good-bye. Banks will only lend money to someone who can demonstrate that they are not a credit risk.
Don’t worry. A lot of people have gotten past these rejections and problems and ended up with great debt consolidation rates and very favorable debt consolidation fees (usually because they had the right information). However, the problem that is common is that it is easy to become desperate and thus willing to turn to anyone promising the world. This makes you susceptible to the “commercial credit agencies” we talked about above that often just dig you deeper in the debt hole, making a consolidation of your debt all the harder.
It takes a bit of work to clean the record and give you a fresh start. But, there are a number of techniques to get you on the path to good credit. You just have to seek them out.
(Please note that this information is provided for entertainment purposes only and should not be treated as professional advice. As any sound financial adviser will tell you, it is always smart to consult with a financial or legal professional such as Susie Orman before making any financial decisions.)
Tags: susie orman, susie orman commercial counseling, susie orman credit counseling