Credit counseling cfeta is a method of debt relief that consolidates your debt without a loan. It is done through a non profit agency that interacts with your lenders and has your interest rates reduced. This is how you save money. Your minimum payment will most likely stay about the same, but the difference between 8% (estimate) and 30% is huge, especially over the life of the repayment period of the loan.
This debt relief alternative can take 3-7 years, depending on how much you owe. You will make one payment each month to the credit counseling company and they will disburse the money to your lenders. Most credit counseling companies require you to set up a direct withdrawal from your account.
Credit counseling will not affect your credit as long as you make your payments as agreed. Make sure that you are able to honor the agreement you sign. If you are not able to make a 2 percent minimum payment, you may have to opt for another debt relief method for repaying your lenders. Credit counseling cfeta can help you get out of debt.
