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| February 10, 2012 |
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 Credit Counselor Or Debt Negotiator?
by Broderick Perkins
The burgeoning credit and debt counseling industry is evidence of the growing level of indebtedness and delinquencies, but it's not always clear which type of counseling you could need if you get in over your head. Choose wrong and it can cost you your credit standing, or worse, you could lose your most valuable possession -- your home. The Federal Reserve reported a 6.8 percent rise in consumer credit in May, the statistic's biggest jump since November, reaching $1.706 trillion and exceeding experts' projections by $2 billion. Record low mortgage rates, higher incomes, equity growth and stagnant inflation triggered the jump, as spendthrift consumers all but ignored the war on terrorism, the Wall Street bear and corporate scandals. Consumers who go too far, however, will have to scrutinize the financial counseling they may need. The non-profit financial education group, San Diego, CA-based Institute of Consumer Financial Education (ICFE) says a growing number of financial counseling services offer a variety of options, including sit-down sessions, telephone talks and Internet interviews from two general types of services, but it all comes from two general types of services -- credit counselors and debt negotiators. ICFE says there are 20 statements borrowers can consider. If any one applies, a visit with a credit counselor may be in order. ICFE advises consumers to choose only certified credit counselors with a bona fide, nonprofit, accredited, consumer credit counseling service. The statements are:
Published: July 17, 2002 Use of this article without permission is a violation of federal copyright laws. 
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30 Year Fixed: 3.87% 15 Year Fixed: 3.16% 1 Year Adj: 2.78% (U.S. Weekly Averages) Today's Headlines 07/17/2002
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A journalist for 35-years, Broderick Perkins parlayed an old-school daily newspaper career into a digital news service offering editorial content and consulting services. Perkins' San Jose, CA-based DeadlineNews Group includes the flagship news site,