What is a credit counseling agency?

A credit counseling agency is an organization that provides counseling and services to those in debt or needing help managing their financial situation. Credit counseling agencies help consumers better understand their financial situation, develop a budget, and find solutions to debt. In California, credit counseling agencies are licensed and regulated by the Department of Business Oversight (DBO). Credit counseling professionals work with individuals to review their financial situation, develop a money management plan, and provide advice on using credit responsibly. These services often include budget counseling, debt repayment plans, and debt management plans. Credit counseling agencies typically offer individual and group counseling sessions, as well as telephone and/or online counseling. Credit counseling agencies are an important part of the Consumer Debt Defense Law in California, as they provide an avenue for those struggling with debt to get help and advice. Credit counseling agencies can provide advice on how to manage debt, where to find help to pay off debt, and how to avoid debt in the future. They can also advise on how to reduce interest rates and negotiate with creditors. Many credit counseling services are provided for free or at a low cost. Credit counseling can be an invaluable resource for anyone interested in learning more about their financial situation or who needs help managing their debt. California’s Consumer Debt Defense Law provides protection for consumers who choose to consult a credit counseling agency for assistance with their financial situation.

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