Thread: Debt?
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Old 01-06-2004, 06:37 AM
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Slainte Slainte is offline
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From what I understand, be very, very careful choosing a credit counseling service. Massachusetts has been doing recent inquiries and has found that there are dozens of credit counseling services operating illegally here. Many people who used these services went further into debt, because the "businesses" charged up to $1,000 and did nothing for their clients.

Do your homework if you decide to go this route. In Massachusetts, the legit places have to be registered with the state banking commission. Maybe your state requires the same. Mass. actually named a couple of legit places in their report.

I'm pretty sure it will show up on your credit report, but not sure if it has the same implications as filing bankruptcy, which by the way, is harder and harder to do. Too many people were using this as a way out, so the courts have tightened up on it.
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