Some times monthly bills reach such a level that people can’t manage to pay. When debts become unmanageable, people often decide to file bankruptcy without considering its effects on credit. However there are some good alternatives that help people repay debts and protect credit as well.
Debt Consolidation is one such option to manage your debts. It helps you in taking the right steps towards debt free life. Debt Consolidation Companies negotiate with your creditors for your outstanding debts and sketches a proper payment plan for you. Credit counselor also helps to make a proper budget for the future so that you can avoid debts in the coming days.
Before you join any consolidation program you should know more about debt consolidation companies. According to New York state law, every debt consolidator should be licensed by the department of banking or by an attorney and only a licensed debt consolidation company can accept payments from a debtor in order to pay his creditors. Also they must be non-profit company or attorney. According to law only a small fee can be charged but any advance fee or consultation charge for credit repair is totally illegal in New York. Some agencies conduct online debt consolidation programs. The laws are also same for them.
Debt Consolidation Care provides list of New York Debt Consolidation Companies for NY residents. Those are licensed in NY to conduct debt consolidation program. Contact Department of Banking to find out if a debt consolidator is licensed or not.
The New York State Department of Banking
2 Rector Street
New York, New York 10006
(212) 618-6445
http://www.banking.state.ny.us/
Those who do not want any third party to handle their credit can go for a Do It Yourself guidance to get out of debt. Debt Consolidation Care Community members who have been there in similar situations help people with proper information on debt settlement, credit repair, budgeting and many more. Step in to the DIY section to start your journey to debt free life now.
http://www.debtconsolidationcare.com/diy/
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