What is a credit counseling agency?

A credit counseling agency is a nonprofit organization that provides individuals with financial services and advice, such as budgeting and debt management. Credit counseling agencies help people who are struggling with debt by helping them understand their options, develop a budget and manage their spending. In Delaware, credit counseling agencies are regulated by the Delaware Department of Justice and are required to be licensed under the Consumer Debt Defense Law. Credit counseling agencies typically offer a range of services, such as credit counseling, debt consolidation, debt management plans, and bankruptcy counseling. In Delaware, credit counseling agencies must meet certain criteria in order to be certified as a licensed credit counseling agency. These include having a minimum of five years of experience in the debt management and financial services industry and being accredited by the National Foundation for Credit Counseling (NFCC). Credit counseling agencies are designed to help individuals manage their debt and improve their financial situation. For instance, they provide individuals with a budget and guidance on how to reduce their spending and make payments on time. They can also negotiate with creditors to reduce interest rates or waive certain fees. In Delaware, credit counseling agencies must be certified in order to provide services, so it is important to make sure that you are working with a reputable and experienced agency.

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What is a credit counseling agency?

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