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In recent years, due to rising costs like gas and other financial problems, many Montana residents have found themselves searching for debt consolidation and consumer credit counseling programs. Regrettably, not all of these consumers are fully aware of not only what options are available, but also what rights are afforded them in Montana to protect them from deceitful debt management services. Fortunately, PayingPaul.Com is here to help consumers learn about how debt relief works. For one, there are actually two types of debt consolidation: credit counseling and credit card negotiation, also known as debt settlement. Credit counseling involves working with creditors to obtain lower interest charges, possibly even waived late fees, and is usually offered by non-profit companies. Keep in mind that although these programs are administered by non-profits, they do charge fees and there is no guarantee that their services will be affordable, or even legitimate. Debt settlement is a much more aggressive approach because it aims at reducing your principal debt balances, not just interest charges. In order to accomplish this, however, one must be delinquent on their payments. Therefore, although the savings can be tremendous, it is not without its own disadvantages. For starters, your credit score after debt settlement will suffer. Secondly, during the course of the negotiations, since your account is past due, creditor calls may continue. That being said, undoubtedly debt settlement is a great option to consider as an alternative to bankruptcy. Do you want to discuss your situation with a professional? Submit a form today and let PayingPaul.Com match you with one! Montana Debt Management Laws Montana, like many states, has regulations in place to protect consumers from dodgy debt management providers. The state requires all debt management companies to be licensed by the Montana Department of Justice. Some other requirements in order for a debt consolidation company or credit counselor to operate in compliance include: (a) cannot purchase any debt or obligation of a consumer; (b) cannot lend money or provide credit to a consumer; (c) cannot obtain a mortgage or other security interest in any property of a consumer; (d) cannot operate as a collection agency; (e) cannot structure a debt management plan where the client’s monthly payment is so low that the debt actually increases since it does not cover finance charges (f) charge for or provide credit insurance; For more information about these laws, follow this link: http://data.opi.mt.gov/bills/mca/30/14/30-14-2010.htm List of Licensed Debt Companies Alliance Credit Counseling American Consumer Credit Counseling, Inc. American Financial Solutions Cambridge Credit Counseling Corp. CareOne Credit Counseling Clearpoint Financial Solutions, Inc. Consolidated Credit Counseling Services, Inc. Consumer Credit Counseling Service Consumer Credit Counseling Service of Greater Atlanta Consumers Alliance Processing Corp. CreditGUARD of America Debt Reduction Services Family Financial Education Foundation GreenPath Debt Solutions InCharge Debt Solutions Money Management International National Foundation for Debt Management Novadebt/Garden State Consumer Credit Counseling Take Charge America, Inc. To find a list of licensed consumer credit counseling and debt consolidation agencies, follow this link: Other Resources Filing Bankruptcy in Montanta Bankruptcy Laws in Montana Debt Collection in Montana |