Availing Loans are an unavoidable mechanism for meeting different funding needs arising in every person’s life at different intervals. It is beneficial if managed in the right manner but it can prove to be a big burden if not managed properly. Every loan attract interest that needs smart planning.
Consider what is debt counselling?
Debt counselling is a service offered by agencies that helps its clients to address or make them aware if they are beyond their debt-paying ability. They not only advise you but also help you to negotiate and also aid you to come out of the serious debt traps that you may be already facing. They also help customers stay away from being trapped in the net of debts. The Antworks Credit Doctor Program is a very good option to manage debts and maintain good credit score.
For instance, if there are married couples who have certain debts, the credit counselling agencies may tell you or advise you whether you should apply for a certain loan or not. This may also help you to come out of the debt trap that you may face when you are facing difficulties in paying your debt in time.
You must be wondering how this concept helps.
There are two ways by which debt counselling may help you:
COUNSELING
- It includes all the advising part that is covered by the credit counseling service providing agencies. They make analyses of your current financial position, your debt structures, and causes for such situations.
- Also, helps to determine the best way by which you can repay the debt, setting limits to your expenses, suggesting ways by which you can save the most.
- Professional knowledge will be always helpful for your future.
NEGOTIATING DEBTS
- Must be wondering that there may be situations when you are not able to pay the loans or any of the debts that you are trapped into. Apart from the counseling, they also help you to negotiate deals with creditors.
Negotiations may include:
- Lowering the interest rates
- Loan restructuring
- Options like a step up payment
- Waiving the late payment or interest rates
- Refinancing the loans
Certain methods are adopted for this aspect, such as:
- Debt reduction approach
- Debt consolidation
- Debt relief
- Debt settlement
Various Debt counseling service providers
There are two types of Debt Counseling service providers or agencies that offer debt counselling. Non-profit organizations are on one hand that provides free counselling and the other one are private agencies that take service charges.
Banks do have the debt counselling that they use when they have loan clients. Antworks Credit Doctor Program by Antwork Money is one of the best sources for trusted credit counseling services.
You must be wondering why one should take debt counseling?
I think the most accurate answer would be – you should always have an experience and professional interference in such important decisions. This may not only help you to take preventive actions but it makes us aware about the future problems we may face.
A successful step towards this approach is also that the Reserve Bank of India has asked all the Banks to have their private debt counsellors so that the clients have better knowledge and understanding of what they are stepping onto.
An individual with heavy loans should certainly go for the debt counseling services for the better management of the financials. It will help to take care of credit score and enjoy stress-free living.