Definitions for "Consumer Credit Counseling"
A service that offers counseling about how to work out a realistic budget and debt repayment plan.
Consumer credit counseling is offered by service organizations that help consumers find a way to repay debts through careful budgeting and management of funds. They?re usually non-profit, funded by creditors.
A debt reorganization plan that is similar to a chapter thirteen bankruptcy. CCC companies will negotiate lower monthly payments with creditors, the debtor will make monthly lump sum payments to the counseling company.