How do credit card debt councilors work with credit card issuers?

I've seen on t.v. how credit card debt councilors work with banks when people owe a lot of money on their credit cards. They say they can not only reduce the amount owed but also get your monthly payments down to where they are manageable. How do they do this, are there any consequences such as a reduction of credit score, and is it effective (do they really do this or is it a scam)? Also, how much do they charge? Thanks.

How do credit card debt councilors work with credit card issuers?
Unfortunately the ones who advertise on television are usually in it just for the money. Beware of any organization that requires an up-front fee.





If you belong to a credit union or there's one that serves your office, they will be able to put you in touch with a reliable organization.





Here's a booklet that will help you:





http://www.consumerlaw.org/initiatives/c...
Reply:HUGE ramifications of using a debt consolidation company. These companies are viewed the same as bankruptcies are viewed on your credit report. This tells the creditor that you are not able to manage your credit.





Debt consolidation companies cannot guarantee anything. They work with the creditors and sometimes arrange for a partial repayment. How partial? That's entirely up to the creditor - NOT the debt consolidator.





Is it worth it to ruin your credit versus just fixing the problem? NOT paying your bill is EXACTLY the same as stealing. You may not go to jail, but you definitely will be penalized for it.





Also ... remember ... employers are now regularly pulling your credit report to get a better look at your character. Bankruptcy? Debt Consolidation? == You can't handle your life.
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