Adapted for use in Georgia by Michael Rupured, Financial Management Specialist, the University of Georgia College of Family and Consumer Sciences. If this sounds familiar, you may want to consider the services of a credit counseling agency. Usually nonprofit, these agencies work with you to solve your financial problems - sometimes for free. Credit counseling agencies may offer educational materials and workshops, or help you develop a budget.
Many agencies offer services nationwide through local offices or the Internet.
If your financial difficulties arise from too much debt or an inability to repay your debts, a credit counseling agency may work out a Debt Repayment Plan for you. In these plans, you deposit money each month with the credit counseling agency. Your deposits are used to pay your creditors according to a payment schedule the counselor develops with you. A successful repayment plan requires you to make regular, timely payments, and could take 48 months or longer to complete. A debt repayment plan does not erase your credit history.