Credit Card and Consumer Counseling Success Rate.

Borrowers who have received financial credit counseling have improved their credit profiles and ratings during the following three-year period relative to other borrowers who did not receive any help through counseling. This is according to a study released by Georgetown University, Washington, D.C and the National Foundation for Credit Counseling (phone 1-800-388-2227). Three years after the credit counseling ended, delinquency rates experienced, which is measured by the reduction in 30- and 60-day delinquencies in the last 12 months, was substantially better for clients who were counseled, the study determined.

What percentage of customers have success with credit counselors?

Many of those consumers who received counseling were also able to reduce the number of credit accounts they owned with positive balances. This helped reduce the number of bills they needed to pay on, and helped ensure long term success of the counseling. More than three-fourths of those clients with card debt reduced their use of bank card credit limits and lowered credit card bills.

Credit counselors are also now pushing consumers towards credit card hardship programs. The reason being is that more credit card issuers and banks are willing to deal directly with consumers, and provide them with relief.

The bottom line is that your chances of success in reducing your debts is much greater when you use a credit counselor.

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Contact a credit counselor

As indicated above, credit counselors can increase the success rate of consumers in improving their financial condition. A counselor can provide consumers with debt reduction, budgeting, and general financial advice. But the bottom line is you have a much better chance in getting help when using a counselor.

The good news is that many of the services offered by credit counselors are free of charge for income qualified individuals, and many other services are low cost or have a minimal fee. So the downside to using a counselor is very small, if there is one at all.

There are a couple different types of credit and housing counselors. One is a HUD certified credit counselor, who, will focusing on housing issues, can deal with other concerns as well. They focus on issues such as Mortgage Delinquency and Default Resolution Counseling, Financial Management/Budget Counseling, and Predatory Lending Education Workshops. Find a free HUD foreclosure counselor.

The other type are more focused on consumer debts, budgeting, credit cards, and medical bills and debts. There are national non-profit agencies to call for advice and in order to improve your success rate. The non-profits operate in every state. Find the listing of national non-profit credit counselors, and read how they can help you during a difficult period.