Credit Help Services Offered By Your Bank

Many of us will need credit help services at some point. Whether this is just some basic financial planning, or credit debt management, there are countless companies and organizations standing in line waiting to help us. Many of us don't think to look to our bank with these needs, but they are there to help.

Credit Counseling

If you've fallen in to the credit trap as many folks do, your bank can help you with consumer credit counseling services. Credit counseling can help get you out of difficult situations. A credit counseling expert will go through your finances and provide personalized solutions to help you attain your goals. Your bank will likely offer these services for you. If they don't offer personalized services, they will be able to point you in the right direction.

Debt Relief

Many of the top banks in the country will offer debt relief programs. These are little different than the counseling services. Instead of just advising you where you could be saving, the debt relief plans can save you money every month. This type of credit management will actually attempt to lower your debt by reducing credit card interest rates and negotiating new terms with your current creditors. Check with your bank to see if this is a service that is offered before you go to outside agencies.

Debt Consolidation

Another avenue you can try with your bank is a debt consolidation program. These programs are similar to loan programs. The bank will essentially purchase your debt from your creditors for a reduced amount. They will then split this amount up with a small interest rate and you will make one payment to the bank each month. This can possibly save you hundreds of dollars every month, and won't affect your credit as badly as just defaulting on prior loans or cards.

Debt Settlement

In more extreme cases where bankruptcy is an almost certainty, many banks will help you with debt settlement procedures. Debt negotiation should only be used if you are able to fork out a large chunk of the debt at once. Say you have a debt of $15,000 and want to try to settle it for $7500. You need to be able to pay the $7500 right away. Your bank can help you with this option if it looks like it can help you.

You don't have to weed through all the debt relief agencies out there. Just stop by your local bank branch and ask some questions. The banks are there to help their customers with all things money.