| Credit counseling can be a good alternative for | | | | credit counseling from an approved agency. |
| individuals considering bankruptcy or anyone struggling | | | | Should debtors choose to obtain credit counseling from |
| to make financial ends meets. Credit counseling is an | | | | agencies outside the Trustee Program, financial |
| excellent choice for young people venturing out on | | | | experts recommend conducting research prior to |
| their own or newly married couples who desire to | | | | signing any contracts. One of the most reliable |
| start off with strong financial traction. | | | | resources for verifying a company's credentials is the |
| Credit counseling is offered in most major U.S. cities | | | | Better Business Bureau. Not only does the BBB |
| and populated towns. Although most agencies charge | | | | provide corporate information, they also verify if a |
| a fee for counseling services, there are non-profit | | | | company is in good standing or has complaints filed |
| counseling centers that offer no- or low-cost services | | | | against them. |
| to qualified participants. | | | | MyMoney.gov is another reputable source for credit |
| With today's economic recession and high rate of | | | | counseling. This program was established by the U.S. |
| unemployment many Americans are facing financial | | | | Financial Literacy and Education Commission. |
| cataclysm. Many are tempted to file bankruptcy to | | | | MyMoney.gov offers a free "My Money" toolkit which |
| avoid foreclosure or end creditor harassment. | | | | provides brochures, pamphlets and a wide array of |
| Filing bankruptcy should always be the final choice | | | | money management information and financial |
| when trying to reorganize debts. Not only does | | | | resources. |
| bankruptcy remain on credit reports for up to ten | | | | Last, but not least, public libraries are an excellent |
| years, it can prevent borrowers from obtaining credit in | | | | source for obtaining financial information. Libraries |
| the future and may even affect their ability to find | | | | contain an abundance of books, videos and home |
| suitable employment. | | | | study courses on a wide range of money |
| In 2005, Congress enacted the Bankruptcy Abuse | | | | management topics including household budgeting, |
| Prevention and Consumer Protection Act. BAPCPA | | | | eliminating credit card debt and personal investing |
| requires all debtors to undergo credit counseling prior to | | | | strategies. |
| obtaining bankruptcy approval. | | | | Gaining control of finances is very empowering. |
| The Department of Justice established the U.S. | | | | Anyone who desires to overcome credit challenges |
| Trustee Program which provides a list of approved | | | | can achieve their goals by taking time to become |
| credit counseling agencies across the nation. Experts | | | | educated about money management. Take time to |
| recommend using one of the Trustee Program's | | | | learn strategies that can help you pay off credit cards, |
| approved agencies prior to filing bankruptcy. With their | | | | reduce or eliminate debts, build an investment portfolio |
| assistance, debtors might be able to avoid bankruptcy | | | | and become proficient in finances. |
| altogether. If not, they will have obtained the required | | | | |