If you’re trapped under a mountain of high-interest debt, a credit counseling service can provide budgeting tips and financial guidance. Many will also develop a debt management plan (DMP) and negotiate with your creditors to reduce your interest rates and fees. (Unlike debt settlement companies, however, they won’t get your principal balance lowered.)
While most credit counseling services are nonprofits, there are typically fees associated with DMPs. The top services report being able to save clients tens of thousands of dollars in interest.
We’ve selected the best credit counseling services for a variety of needs. Here’s how they compare and what to consider before choosing one. For more on how we made our selections, read our…