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Credit counseling through a reputable non-profit agency is almost always a better alternative.

Credit counselors work to help you negotiate with your creditors and formulate a debt management plan (or DMP) to help you pay off your existing debts.

The majority of the time, a debt is reported as settled even if it’s reduced interest because the consumer didn’t pay as agreed, but they could agree to report it as paid in full.

If the full interest amount agreed to in the contract is not paid, they have settled the debt, not paid it in full, so that is what is generally reported.

Think of debt consolidation as a useful tool for getting your finances in order.

Visit individual product pages to see current rates and eligibility information.One late or missed payment to a credit counselor can appear as multiple accounts with late or missed payments on your credit report.Another option — and one that many people consider as their first step — is to contact your creditors directly. Are you overwhelmed by the process of keeping up with car loan, credit card and other payments?It makes sense to consolidate your bills with PSECU.

Consolidating high interest rate credit cards