The worse things get the more this service is required. In a recession this service or in the beginning of a depression this service will see a spike with new clients but in a deep depression I believe the clients would be very limited. There is a spike of new credit counseling services every time there is a recession. This is usually the first step in lowering payments, going bankrupt or getting out of debt. The problem with these services is all too often people clear up their affairs and they will live within their means for a while. As soon as they can build back up will fall into the same trap all over again! It’s a shame people are more concerned with what people think then their own well being.
If you don’t make enough to pay down debt in a reasonable amount of time or your paying so much on interest that it’s robbing your wealth, what little you may have I would suggest using these services because they could make things better in the short term and in the long run make for a better quality of life if you don’t screw up over and over. Most people are in that boat today saddled with more debt than they ever should have signed up for. Living in big fancy houses they can’t afford because the bank said they approve them and to impress the neighbors who they seldom talk to. Last night I saw a hole in the back yard, a winter home for a rat. Behind the shed there is another a raccoon lives there. Animals never dig a home bigger than required because that invites in predators! Think of the bank as a predator, don’t invite them in to steal what you work hard to build, buy, and hold on to.
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