Consumer Credit Counseling Services (CCCS) are mostly non-profit organizations that offer free or low-cost counseling, education, and debt repayment services to individuals in danger of bankruptcy.

Credit counseling organizations can advise you on your money and debts, help you with a budget, develop debt management plans, and offer money management workshops. Working with a credit counselor can be a great way of getting free or low-cost financial advice from a trusted professional.

Consolidated Credit is one of the nation's largest and oldest nonprofit credit counseling organizations. Our mission is to help people end financial crises through education and professional counseling.

ACCC is accredited by the Council on Accreditation and the Better Business Bureau, where it has an A+ rating. The agency is also a member of the National Foundation for Credit Counseling, and is highly rated by customers online.

A credit counseling agency educates the consumer as its principal activity. It may also assist the consumer in consolidating debt and negotiate between debtors and creditors to lower interest rates and waive late and over-limit fees.

Credit counseling has two components: education and debt management. First, counselors teach their clients how interest rates (the fees that lending institutions charge for their loans) affect monthly payments.

If you're struggling with debt, you may consider credit counseling or debt consolidation. Credit counseling involves working with a financial professional to manage your debts and budget, while debt consolidation is opening new credit to pay off multiple existing debts.

The Credit Counselling and Debt Management Agency (CCDMA) enhances the avenues for consumers to seek redress and assistance in managing their finances.

Consolidated Credit oversees the program, acting as an advocate for you and your creditors. They negotiate to reduce or eliminate interest charges on your debts and stop future penalties. As a result, you can get out of debt faster, even though you may pay less each month.

Key Takeaways. To consolidate (consolidation) is to combine assets, liabilities, and other financial items of two or more entities into one. In financial accounting, the term consolidate often refers to the consolidation of financial statements wherein all subsidiaries report under the umbrella of a parent company.

But if the credit counselor negotiates for you to pay less than what you owe, the account could be reported as settled, which means you didn't pay what was originally agreed. In this case, there will likely be a negative impact on your credit score.

Besides bankruptcy, a Consumer Proposal is the only method in Canada for reducing a balance owing on government debts. Credit counselling plans are severely limited in the types of debts they cover. They may help you consolidate only basic unsecured consumer debts such as credit cards, lines of credit and loans.