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1.
Consumer credit counseling may be an alternative to filing for bankruptcy.
True. The primary purpose of a consumer credit counseling agency is to help consumers pay off debts and stabilize their finances as an alternative to filing for bankruptcy.
2.
A consumer credit counseling agency can help you get out of debt by working closely with your _______.
Creditors. A major function of a consumer credit counseling agency is to serve as a liaison between you and your creditors.
3.
Consumer credit counseling agencies typically offer free debt management plans to consumers.
False. The consumer sometimes pays a one-time fee in addition to a small monthly fee.
4.
One advantage of working with a consumer credit counseling agency is that it can prevent bankruptcy from appearing on your credit record.
True. Preventing the appearance of bankruptcy on your credit record is the biggest advantage of working with a consumer credit counseling agency.
5.
A consumer credit counseling agency can help consolidate your payments.
True. Payment consolidation is the consumer credit counseling agencys primary strategy.