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Friday, November 20, 2009



If you're looking for credible bankruptcy alternatives, the best place to start is with a consumer credit counselor or consumer credit counseling service. These services offer credit counseling free of charge and accompanying services. They can include budget counseling, educational programs about credit and money management, housing counseling and debt management assistance. This type of bankruptcy alternative involves working with creditors to lower interest charges. The average client of a credit counseling program is able to be debt free in as little as 5 years.

Credit counseling programs are mostly funded by your creditors, however, and they receive a percentage of your monthly payment to fund their operations. Therefore, they have a large incentive to charge you as much as possible, and many consumers do not get adequate financial relief and end up having to file bankruptcy anyway.

Here are some tips for finding a good credit counselor:
  • Find out if the credit counseling agency belongs to a national organization such as the National Foundation for Credit Counseling.
  • Contact your local Better Business Bureau.
  • Beware of large up-front fees.
  • If it sounds too good to be true, it probably is.
  • Does the agency provide a full range of services, or do they just want your money?
  • Make sure the agency will work with all of your creditors.





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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009