Financial Counseling Services A variety of financial counseling services exist. Many are non-profit organizations, paid for by creditors, offering their services at little or no cost to consumers. The Consumer Credit Counseling Services is a nationwide network. This network has nine outlets in Indiana. Assistance also may be available through universities, local courts, the Cooperative Extension Service, military bases, credit unions, housing authorities, and banks.
Financial counselors can help consumers set up budgets and plan expenditures.
Some services will require that repayments are made to them, and then they will distribute payments to your creditors on your behalf. Creditors often prefer this method as they eventually receive their money. They may waive interest and delinquency fees once a repayment plan is in effect through a financial counseling service. Second mortgage loans made on a revolving charge account basis are called home equity credit-line loans. Banks have advertised home equity loans because of the tax advantages.