There is a relatively new program for dealing with debt that is becoming extremely popular. It is called consumer credit counseling and its typically associated with non-profit consumer credit counseling services. Although it may sound like a consumer credit counseling loan, consumer credit counseling is entirely different.

Unlike a consumer credit counseling loan, your debt is consolidated and your interest rate reduced without the need for a loan. This is done through negotiating with your creditors rather than taking on additional debt.

Often consumer credit counseling services are a "win-win" situation for the consumer. The consumer gets their interest charges reduced, their monthly payments minimized and have the convenience of paying all their debts in one monthly payment. Also, by making the regular monthly payments, the consumer will be back on the road to restoring their credit rating. Perhaps best of all this program is largely or entirely paid for by creditors.

It is no wonder that consumer credit counseling services have become the number one recommended way of dealing with excessive debt.

How does this program work?