Payments in the credit counseling program

Hi Martina

Try with the best of your efforts of not falling short in your consolidation payments. If you are stop paying in the middle of the program, any improvement that appeared in your credit file will again get damaged and your creditors will suspend all the benefits offered to you. Additionally, all collection efforts will be renewed from the beginning and you might be enforced into legal actions also. You might have already experienced this before using this program.

Consolidation programs aim to improve the credit file of an individual. Due to this reason, the monthly payments are set low so that the consumers can afford it. Sometimes, people who are not able to make the consolidation payments opt for settlement programs. But this hurts the credit negatively for a longer period.

This program is a much better option to improve your credit worthiness. Whatever may be the situation, try to arrange the consolidation payments each month. You can arrange it in the following ways:

• Keep a portion of your paycheck unutilized each week or each month.
  
  
• Borrow money from your parents, friends, and relatives or from your retirement or savings account. You can arrange it by mortgage also.
  
  
• If you have some property of value, you might consider selling it. Put the money in the bank and invest it in some scheme through which you can earn interest each month. Use this amount to make the consolidation payments. You might be unwilling to sell your property in the first place but see the hard work that you might have given for such a long time to repair your credit file. It will all go in vain if payments are not made.