Why will my Creditors work with a Credit Counseling Company and not with me?
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Why will my Creditors work with a Credit Counseling Company and not with me?A creditor's number one fear is that a borrower will declare bankruptcy. If a creditor offers an individual concession on one credit account, it does not mean that the consumer will not use their other accounts irresponsibly and force themselves into a bankruptcy situation. Consider your current credit situation.
Your Current Credit Situation is a Contributing Factor
A person with unbearable credit issues is a sign that credit has been abused or mismanaged. With credit counseling, the creditor knows that the consumer is trying to get help, and are therefore more trusting. Some creditors, such as MBNA America (Now Bank of America), the world's largest issuer of unsecured credit, requires that a consumer include all revolving accounts on a DMP, or they will not participate. Why will my Creditors work with a Credit Counseling Company and not with me? |
