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Wednesday 20 July 2011

Owe Money to Many Creditors? What Should You Do?

People who owe money to many creditors face a very common problem that is some of their creditors might not willing to give them additional time to pay without knowing what other creditors want to do. If you are facing the same problem, you can seek the help of an experienced Bankruptcy Lawyer in your area. You can also consult your nearest consumer credit counseling service (CCCS) center by calling 1-800-388-2227.  These centers will charge a small monthly service fee. However, creditors are very supportive for financing counseling services.

The CCCS center will arrange some repayment plans for you so that you can be able to make the monthly payments which are re-distributed by the program among creditors until all your debts are paid in full.  Under a repayment plan arranged by a financial counseling service, you still need to pay interest charges on your debts. However, many creditors will waive interest charges and delinquency fees.