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Debt Consolidation in New Jersey
(Note: this is for educational purposes only, and although efforts have been made to keep this up to date and correct, there are no guarantees about the accuracy of anything contained below. It should not be construed as legal advice. For legal advice, please consult with an attorney licensed in New Jersey.)
New Jersey residents are not alone in their problems with credit card debt, and many in the state have begun turning to options like debt consolidation and consumer credit counseling services for help. Despite the widespread use of debt management programs, far too few people in the state and across the country fully understand what the pros and cons of debt consolidation and credit counseling. The purpose of PayingPaul.Com is to help consumers better understand these services and the companies that provide them.
There are two kinds of debt consolidation programs available to consumers today. The first, credit counseling, has been around for quite some time and is usually offered by non-profit debt counselors. Much of their focus is on providing financial education to people struggling with debt, so they can learn to better manage their money. If your situation permints, they may suggest enrolling in a debt management plan. If you choose to do so, the credit counselors will work on your behalf to get your creditors to agree to more favorable payment terms, such as reduced interest rates, waived late fee charges, and a lower monthly payment. These services are not for everyone, however. Although non-profits provide these plans, they do charge fees and there are affordability issues for many consumers, as well as potential credit implications that are unfavorable.
The second type, debt settlement, is a relatively new and innovative approach to credit card resolution. Through negotiations with your creditors, these companies aim to reduce the amount you owe. For consumers hoping to get out of debt quickly, this may be the your best debt solution, but as with credit counseling, there are certain disadvantages that must be considered before you enroll in this service. Much of the disadvantages of debt settlement stems from the fact the consumer falls behind on the payments to their creditors during the course of the program. Instead they save money each month into a separate bank account, which is used to fund lump sum pay offs, sometimes for substantially less than the balance, with the creditors. Due to this fact, your credit will likely be affected negatively, collection calls will continue during the program, and your account(s) may be subject to legal action by the creditor(s).
Want to speak with a debt consolidation expert? Submit a form and let PayingPaul.Com match you with one today!
New Jersey Debt Management Laws
New Jersey has laws to regulate the debt management industry and ensure that the services are affordable. Under the applicable statute, debt consolidators are referred to as, “debt adjusters,” which is defined as “a person who either acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding, or otherwise altering the terms of payment of any debts of the debtor” or any person who “to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor.” Under New Jersey law, “debt adjusting” is only allowed if it is done without a license by a New Jersey attorney at law who is not principally engaged in the business or a non profit or consumer credit counseling agency, among others.
Licensed Debt Agencies
Clearpoint Financial Solutions Inc (Credit Counselors) Reference # 9947115 8000 Franklin Farm Drive Richmond, VA 23229 Community Credit Counseling Corp
Reference # 9923779
5 Professional CIR Route 34
Colts Neck, NJ 07722
Consolidated Credit Counseling Services Inc
Reference # 9826107
5701 W. Sunrise Blvd., Suite 200
Fort Lauderdale, FL33313
Consumer Credit Counseling Service of New Jersey
185 Ridgedale Ave.
Cedar Knolls, NJ 07927-1812
Consumer Credit and Budget Counseling Inc
Reference # 9823498
299 South Shore Road US Route 9
PO Box 866
Marmora, NJ 08223
Consumer Credit and Debt Counseling Inc
Reference # 9600120
95 North Lakeview Drive, PO Box 38
Gibbsboro, NJ 08026
Consumer Credit Counseling Service of Delaware Valley Inc
Reference # 9100890
One Cherry Hill Suite 215
Cherry Hill, NJ 08002
Consumer Credit Counseling Service of Greater Atlanta Inc
Reference # 9945985
991 US Hwy 22, Suite 200
Bridgewater, NJ 08807
Consumer Credit Counseling Service of New Jersey Inc
Reference # 8303159
185 Ridgedale Ave
Cedar Knolls, NJ 07927
Consumer Credit Counseling Service of San Francisco
Reference # 0402042
811 Church Road, Suite 105
Cherry Hill, NJ 08002
Consumer Education Services Inc
Reference # 9922598
3801 Lake Boone Trail, Suite 400
Raleigh, NC 27607
Credit Counseling Services of America Inc
Reference # 9932277
344 5 Route 9 No 178
Lanoka Harbor, NJ 08734
Credit Guard of America Inc
Reference # 9906663
111 Cornelia St.
Boonton, NJ 07005
Credit Management and Counseling Services Inc
Reference # 9915899
46 Fawn Hollow Lane
Mullica Hill, NJ 08062
Debt Counseling Corp
Reference # 0512435
One Gateway Center, Suite 2600
Newark, NJ 07102
Family Financial Education Foundation Inc
Reference # 9930037
724 Front St., Suite 340, PO Box 2125
Evanston, WY 82931
Family Guidance Center Corporation
Reference # 9500845
1931 Nottingham Way
Hamilton, NJ 08619
Garden State Consumer Credit Counseling Inc (Novadebt )
Reference # 9101211
225 Willowbrook Road, PO Box 5012
Freehold, NJ 07728
Garden State Consumer Credit Counseling Inc (Novadebt )
Reference # 9101211
225 Willowbrook Road, PO Box 5012
Freehold, NJ 07728
Incharge Debt Solutions
Reference # 9914761
3000 Atrium Way, Suite 235
Mount Laurel, NJ 08054
Lighthouse Credit Foundation Inc
Reference # 0504452
151 W Passaic Street
Rochelle Park, NJ 07662
Money Management International Inc
Reference # 9951553
106 Apple Street, Suite 105
Tinton Falls, NJ 07724
Take Charge America Inc
Reference # 0635379
One Greentree Center, Suite 201
Marlton, NJ 08053
American Credit Alliance
26 S. Warren St.
Trenton, NJ 08608
(Licensed as a Credit Counselor, not a Debt Adjuster)
For a complete and up to date list, follow this link: http://www.nj.gov/dobi/division_consumers/finance/counselors.html
Other Resources
Filing Bankruptcy in New Jersey
Bankruptcy Laws in New Jersey
Debt Collection in New Jersey
New Jersey residents are not alone in their problems with credit card debt, and many in the state have begun turning to options like debt consolidation and consumer credit counseling services for help. Despite the widespread use of debt management programs, far too few people in the state and across the country fully understand what the pros and cons of debt consolidation and credit counseling. The purpose of PayingPaul.Com is to help consumers better understand these services and the companies that provide them.
There are two kinds of debt consolidation programs available to consumers today. The first, credit counseling, has been around for quite some time and is usually offered by non-profit debt counselors. Much of their focus is on providing financial education to people struggling with debt, so they can learn to better manage their money. If your situation permints, they may suggest enrolling in a debt management plan. If you choose to do so, the credit counselors will work on your behalf to get your creditors to agree to more favorable payment terms, such as reduced interest rates, waived late fee charges, and a lower monthly payment. These services are not for everyone, however. Although non-profits provide these plans, they do charge fees and there are affordability issues for many consumers, as well as potential credit implications that are unfavorable.
The second type, debt settlement, is a relatively new and innovative approach to credit card resolution. Through negotiations with your creditors, these companies aim to reduce the amount you owe. For consumers hoping to get out of debt quickly, this may be the your best debt solution, but as with credit counseling, there are certain disadvantages that must be considered before you enroll in this service. Much of the disadvantages of debt settlement stems from the fact the consumer falls behind on the payments to their creditors during the course of the program. Instead they save money each month into a separate bank account, which is used to fund lump sum pay offs, sometimes for substantially less than the balance, with the creditors. Due to this fact, your credit will likely be affected negatively, collection calls will continue during the program, and your account(s) may be subject to legal action by the creditor(s).
Want to speak with a debt consolidation expert? Submit a form and let PayingPaul.Com match you with one today!
New Jersey Debt Management Laws
New Jersey has laws to regulate the debt management industry and ensure that the services are affordable. Under the applicable statute, debt consolidators are referred to as, “debt adjusters,” which is defined as “a person who either acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding, or otherwise altering the terms of payment of any debts of the debtor” or any person who “to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor.” Under New Jersey law, “debt adjusting” is only allowed if it is done without a license by a New Jersey attorney at law who is not principally engaged in the business or a non profit or consumer credit counseling agency, among others.
Licensed Debt Agencies
Clearpoint Financial Solutions Inc (Credit Counselors) Reference # 9947115 8000 Franklin Farm Drive Richmond, VA 23229 Community Credit Counseling Corp
Reference # 9923779
5 Professional CIR Route 34
Colts Neck, NJ 07722
Consolidated Credit Counseling Services Inc
Reference # 9826107
5701 W. Sunrise Blvd., Suite 200
Fort Lauderdale, FL33313
Consumer Credit Counseling Service of New Jersey
185 Ridgedale Ave.
Cedar Knolls, NJ 07927-1812
Consumer Credit and Budget Counseling Inc
Reference # 9823498
299 South Shore Road US Route 9
PO Box 866
Marmora, NJ 08223
Consumer Credit and Debt Counseling Inc
Reference # 9600120
95 North Lakeview Drive, PO Box 38
Gibbsboro, NJ 08026
Consumer Credit Counseling Service of Delaware Valley Inc
Reference # 9100890
One Cherry Hill Suite 215
Cherry Hill, NJ 08002
Consumer Credit Counseling Service of Greater Atlanta Inc
Reference # 9945985
991 US Hwy 22, Suite 200
Bridgewater, NJ 08807
Consumer Credit Counseling Service of New Jersey Inc
Reference # 8303159
185 Ridgedale Ave
Cedar Knolls, NJ 07927
Consumer Credit Counseling Service of San Francisco
Reference # 0402042
811 Church Road, Suite 105
Cherry Hill, NJ 08002
Consumer Education Services Inc
Reference # 9922598
3801 Lake Boone Trail, Suite 400
Raleigh, NC 27607
Credit Counseling Services of America Inc
Reference # 9932277
344 5 Route 9 No 178
Lanoka Harbor, NJ 08734
Credit Guard of America Inc
Reference # 9906663
111 Cornelia St.
Boonton, NJ 07005
Credit Management and Counseling Services Inc
Reference # 9915899
46 Fawn Hollow Lane
Mullica Hill, NJ 08062
Debt Counseling Corp
Reference # 0512435
One Gateway Center, Suite 2600
Newark, NJ 07102
Family Financial Education Foundation Inc
Reference # 9930037
724 Front St., Suite 340, PO Box 2125
Evanston, WY 82931
Family Guidance Center Corporation
Reference # 9500845
1931 Nottingham Way
Hamilton, NJ 08619
Garden State Consumer Credit Counseling Inc (Novadebt )
Reference # 9101211
225 Willowbrook Road, PO Box 5012
Freehold, NJ 07728
Garden State Consumer Credit Counseling Inc (Novadebt )
Reference # 9101211
225 Willowbrook Road, PO Box 5012
Freehold, NJ 07728
Incharge Debt Solutions
Reference # 9914761
3000 Atrium Way, Suite 235
Mount Laurel, NJ 08054
Lighthouse Credit Foundation Inc
Reference # 0504452
151 W Passaic Street
Rochelle Park, NJ 07662
Money Management International Inc
Reference # 9951553
106 Apple Street, Suite 105
Tinton Falls, NJ 07724
Take Charge America Inc
Reference # 0635379
One Greentree Center, Suite 201
Marlton, NJ 08053
American Credit Alliance
26 S. Warren St.
Trenton, NJ 08608
(Licensed as a Credit Counselor, not a Debt Adjuster)
For a complete and up to date list, follow this link: http://www.nj.gov/dobi/division_consumers/finance/counselors.html
Other Resources
Filing Bankruptcy in New Jersey
Bankruptcy Laws in New Jersey
Debt Collection in New Jersey