Has anyone ever used CCCS?

[NHMom4]

I think this is my last resort. I saw a post asking about regrets and using credit cards is mine. Has anyone used any thing like this? This is Consumer Credit Counseling Services of NH/VT.

 

[MarkBarbieri]

I have not. My understanding is that they are reputable. If someone claims that they can "fix your credit" or asks for upfront money to help with your credit problems, run. There are a lot of scammers out there.

 

[Carly_Roach]

CCCS from a reputable, non-profit organization is always a good idea if you are able and willing to budget your CC debt. If you're concerned about a particular organization, check with your public service commissions in your state (if you have one).

A note of caution: these days going to a credit counselling service is about as bad as declaring bankruptcy. Your credit report will show you as late for as long as you maintain the budget. Yes, you'll be paying back creditors, but while you do that your credit score will suffer. And it'll take about two years to get yourself back into a credit score where you won't have to pay higher interest rates or be turned down immediately if you go for a loan.

We know several people who tried credit counselling, lost their cards, are living on cash, and found out a year later about their credit being worse after they tried "doing the right thing" because the CC companies kept reporting them as 90 days late all the time (even though they kept up their payments).

Two of them decided to declare chapter 7, keep their money, and start fresh again. The other one is still paying back the loan sharks albeit at a lower interest rate. They'll have to rebuild in about 4 years where the bankruptcy people are already starting now. Lovely racket, this credit score thing.

 

[kaytieeldr]

CCCS from a reputable, non-profit organization is always a good idea if you are able and willing to budget your CC debt. If you're concerned about a particular organization, check with your public service commissions in your state (if you have one).

CCCS is the company - Consumer Credit Counseling Service(s).

 

[Carly_Roach]

CCCS is the company - Consumer Credit Counseling Service(s).

My apologies for the incorrect syntax. The correct sentence should be:

Credit Counselling from a reputable, non-profit organization is always a good idea if you are able and willing to budget your CC debt.

Thank you for the constructive editing criticism.

 

[a1tinkfans]

OP; just sending you and wishing you the best of luck at reducing your debt. You CAN do it, one dollar at a time, sacrificing is not easy, BUT you WILL feel so much better. Good luck to you.
Pay those minimums and pay some extra to keep you credit UP and maintained. Perhaps library has some FREE counseling to avoid anyone else having to "touch" your credit?????
Again, wishing your 2010 a SUCCESSful year!

 

[NHMom4]

Thanks all. I haven't used them in about 5 years...stil paying and getting nowhere. Paying extra when I can. Luckly we own our home and have a new vechicle. Hubby has good credit and none of these are in his name, so if I take the hit for a couple years and be done I guess that is my punishment. Here's to a better 2010!

 

[kaytieeldr]

Thank you for the constructive editing criticism.

Ouch. Who's editing? I was just providing the accurate information. For that matter, what's syntax?

 

[tasha99]

Ouch. Who's editing? I was just providing the accurate information. For that matter, what's syntax?

Oooo oooo I know! (raises hand and jumps up and down at desk)

Syntax is one of the elements of language (along with semantics, morphology, phonology, and pragmatics). It is the ordering and structure of a sentence, and along with morphology makes up what people think of as grammar.

I am procrastinating on my school age language disorders homework . . . by answering questions that could have been in last year's school age language development class.

 

[SandrA9810]

Just remember, there's two options for you when using CCCS.
1) debt consolidation - this option lets you keep open your CC, but you're not allowed to use them. And they can't always get a lower rate. But the effects on your score are small compared to the next, and usually bounces back faster.

2) debt settlement- this option forces you to close any account you put into the program. They usually can always work out a lower interest rate, and sometimes lets you pay less than what you owe. This will have significant impact on your score during and long after you're done with the program.

Recently I decided to go out on a limb with the CC companies. I closed the account of one card, then a month later told them I would not be able to make payments to them for about 3 months. Of course they started calling 2 days after the bill was due. Because the card was already closed (opted out of higher interest rate), I was able to go on a program with them. They dropped the interest rate from 20+% to 2%, and they automatically withdrawl 50$ from the bank account each month and these payments will continue for 12 months. And since i paid them before the 30 days past due, it still shows as being current on the credit report.
Now if any of your cards have special promos, you have to delay your payments well beyond the 30 days to cancel the promo. Then you can do this. At the same time, that will have a slight negative impact on your score.
There were many people that said it was a horrible idea... yadda yadda ya... i was trying to cheat out of paying off the balances and such. But it really has worked in my favor. It's a reasonable payment, great interest rate, and I'm still paying off the entire balance.

Worst thing you can do is ignore them. They will call like crazy day and night. The sooner you talk to them, the easier it is to work something out with them.

 

[kaytieeldr]

Oooo oooo I know! (raises hand and jumps up and down at desk)

Syntax is one of the elements of language (along with semantics, morphology, phonology, and pragmatics). It is the ordering and structure of a sentence, and along with morphology makes up what people think of as grammar.

I am procrastinating on my school age language disorders homework . . . by answering questions that could have been in last year's school age language development class.

I know we're getting away from the topic at hand, so I'm asking the OP to indulge us just a bit more

That all sounds really interesting, tasha. What kind of continuing ed classes can I take to learn more?

 

[cbmstephanie]

In my opinion you shouldn't be concerned about your credit score you should be concerned about getting out of debt. If you haven't used your card in 5 years then they're not doing you any good anyway...cut up all your credit cards, pay the minimums...start on your smallest one and clear up the debt, then move that money to the next one and keep on going...you will eventually be out of debt. Use cash...if you can't pay cash for something then you can't buy it! Look at your local library for some Dave Ramsey books...his books will help you get out of debt..you of course have to follow his teachings, but it works!

 

[MarkBarbieri]

In my opinion you shouldn't be concerned about your credit score you should be concerned about getting out of debt. If you haven't used your card in 5 years then they're not doing you any good anyway...cut up all your credit cards, pay the minimums...start on your smallest one and clear up the debt, then move that money to the next one and keep on going...you will eventually be out of debt. Use cash...if you can't pay cash for something then you can't buy it! Look at your local library for some Dave Ramsey books...his books will help you get out of debt..you of course have to follow his teachings, but it works!

Wouldn't it make more sense to pay down the credit cards in order of interest rate (highest to lowest) rather than debt size? Other than that, I agree with this advice.

I wouldn't stop there, however. I would keep an extremely tight lid on your expenses until you've accumulated emergency savings equal to at least 3 months expenses and preferably 6 months expenses. I would also keep savings levels high until I was on track with my retirement savings. A shortfall in your retirement savings is like a debt owed to your future self.

 

[LoraJ]

Thanks all. I haven't used them in about 5 years...stil paying and getting nowhere. Paying extra when I can. Luckly we own our home and have a new vechicle. Hubby has good credit and none of these are in his name, so if I take the hit for a couple years and be done I guess that is my punishment. Here's to a better 2010!

Is the new vehicle paid for in cash? If not, why not sell it and buy a beater until you get the debt paid off? (Sorry, been spending too much time on financial boards).

 

[Aisling]

My sister had huge credit card debt and used CCCS for help. She wasn't concerned about her credit score, just wanted to get out of an ever-deepening hole due to 29.9% fees. They counseled her, looked at all her expenses, her income, her debt, and negotiated with her cc companies for much lower rates. They took over her debt, and she pays CCCS one monthly payment which she can afford. She'll be debt-free in 2 years, and can now sleep at night.

Good luck to you!

 

[NHMom4]

Sorry not a "new" car. New to us. Put cash down and don't pay longer than 4 years because 5th year is interest. Live kinda rural so needs to be dependable. I don't have the cards cut them up years ago. I have $ taken out of my paycheck straight into savings, pay cash for EVERYTHING, because if I don't have the $ I don't have the $. Here is a tip for everyone. open your wallet/purse if you have a credit card. take it out and cut it up. Call you CC and close the account and NEVER use credit cards again. Bad news...

 

[Carly_Roach]

Sorry not a "new" car. New to us. Put cash down and don't pay longer than 4 years because 5th year is interest. Live kinda rural so needs to be dependable. I don't have the cards cut them up years ago. I have $ taken out of my paycheck straight into savings, pay cash for EVERYTHING, because if I don't have the $ I don't have the $. Here is a tip for everyone. open your wallet/purse if you have a credit card. take it out and cut it up. Call you CC and close the account and NEVER use credit cards again. Bad news...

We've been living on cash for over a year and are truly appreciating the experience. However, we do have one CC (no balance) for use in the event that we may want to rent a car some day or have an emergency. DH used it once to buy something small and it's paid off with the first statement that comes. I think we'll wind up doing that every quarter or so to keep the thing open.

But that's just us. Many people can't seem to break the CC habit. So far we've been successful.

I wish you all the best of luck, OP!

 

[Carly_Roach]

Oooo oooo I know! (raises hand and jumps up and down at desk)

Syntax is one of the elements of language (along with semantics, morphology, phonology, and pragmatics). It is the ordering and structure of a sentence, and along with morphology makes up what people think of as grammar.

I am procrastinating on my school age language disorders homework . . . by answering questions that could have been in last year's school age language development class.

Or Google.

 

[kaytieeldr]

Or Google.

Now, why in the world would I want to Google when I have the DIS as my resource?

 

[MarkBarbieri]

open your wallet/purse if you have a credit card. take it out and cut it up. Call you CC and close the account and NEVER use credit cards again. Bad news...

I wouldn't got that far. If you have the personal discipline to only spend on your credit cards what you can afford to pay off at the end of the month, they offer significant advantages. From a robbery standpoint, it's safer to have plastic than cash. You also get enhanced purchase protection and dispute rights. With many cards you also get purchase rewards. The key is picking a non-fee card and always paying everything off before you incur interest charges.

My wife and I have enjoyed thousands of dollars in rewards from using credit cards. We haven't paid any interest since we were foolish kids. We never pay any annual fees. And our responsible use of credit cards helped improve our credit score, which lowered our cost of borrowing and our insurance.