Is this like bankruptcy?
The Debt Management Program of Community Credit Counseling Corp is nothing like bankruptcy. Bankruptcy is when you don't pay your bills and you destroy your credit. In debt management program your debts are being paid, and your creditors are satisfied.
In a recent article on the respected website 'MSN Money', financial author Pulliam Weston says that for people who are overwhelmed with debt and do not want to file for bankruptcy, she will usually advise them to make an appointment with a good credit counselor. If possible make sure the credit counseling company is associated with a Licensed, Bonded and accredited organization for Credit Counseling (such as the Community Credit Counseling Corporation).
Please remember that you are not alone and this is nothing to be ashamed about. Please do not feel that there is any kind of social stigma whatsoever attached to seeking out a credit counselor because there certainly is not. On the contrary it is a decisive decision which is worthy of much respect because it shows you to be someone who takes action to handle your problems instead of leaving it to fate as some people have been known to do. This is the reason that not everyone who gets into financial trouble seems to get to the root cause of their situation.
For their part, credit counselors and their debt-management plans are essentially designed to pay off credit card debt over five or less years. They are likewise intended to help save people from financial bankruptcy, which has really been a growing problem in recent years. All in all, consulting with an accredited credit counselor can help to educate you with regards to all of your options.
Generally speaking, credit counseling and debt-management plans are designed to help you to get your finances back on track and give you stability. So, we recommend that you use this resource to your advantage.