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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 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 an 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 |