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By: Sean A.
Renee was knee deep in debt when she decided to get credit counseling help from a local debt management agency. She owed her creditors more money than she could pay off with her paychecks. She wanted to rebuild and reestablish her credit by following a debt repayment plan worked out by the debt management company of her choice at a rate that she could afford. Renee understood that the program she enrolled with might not instantly give her perfect credit but in the long run, she would not only be paying off her debts but also repair her credit and help her achieve financial freedom. The more important thing is that she would learn how to manage her debts and her finances as she followed the repayment schedule and changed her spending habits.
When she first signed up for credit counseling help, the debt management company asked her questions about her finances. Basically she had to divulge information about her finances including her debts, her income, her taxes, her bills and also her spending habits. The agency assessed her current financial situation so that they could determine the severity of her debts. Of course, the debt analysis session was free as they were trying to determine the best way they could service Renee?s needs. Once they were certain that Renee?s situation warranted their assistance they then worked together with Renee to show her the root of her problem and also educate her on the best possible ways to manage her finances.
Once they came up with a battle plan, Renee agreed to let the debt management agency to act on her behalf to negotiate a new and more affordable repayment plan. One of her friends advised her to do all the negotiating herself as she was considered by many to be a good orator. However, she knew that credit counseling services would have their staff specially trained to handle negotiations with creditors who could sometimes seem intimidating. So, her appointed negotiator prepared all the relevant documents including her financial statements and proceeded to meet up with representatives from her creditors. The negotiation took quite some time to reach an agreement but in the end they both agreed to have her debt reduced by 30% and that she would have to strictly follow a repayment plan.
Renee religiously followed the debt repayment plan as drafted and agreed by her representative and her creditors. She definitely did not want to end up in more trouble than before. While she was paying off her debts, she also went to many meetings organized by her debt management agency in order to get a better grasp of her finances. She learned that her bad spending habit and constant abuse of her credit card help contribute to her overwhelming debts. She started to gain control of her finances by cancelling all but one credit card to keep in cases of emergencies. She also followed a budget plan that she set for herself and tried to follow her budget as closely as she could. It was quite difficult for her at first but as the days went by she found herself liking what she had started doing as now she could have more money saved up for her future.
Renee finally paid off all her debts within a few years with the assistance of the debt management company she registered with. She loved the fact that she was finally free of her credit card debts and that she managed to be more in control of her finances than she ever was before. She knew she had what it took to dig herself out of the trouble she was in and she did.
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