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1.
A big advantage of working with a consumer credit counseling agency is that you pay only a small portion of your unsecured debts.
False. If you agree to a consumer credit counseling agencys debt-management plan, you agree to pay all debts in full.
2.
Consumer credit counseling agencies receive most of their funds from _______.
Creditors. Consumer credit counseling agencies receive most of their funds from creditors, who return a small percentage of the funds collected to the agencies.
3.
A consumer credit counseling agency can help consolidate your payments.
True. Payment consolidation is the consumer credit counseling agencys primary strategy.
4.
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.
5.
Consolidating your payments is a debt restructuring method sometimes used by credit counselors.
True. Consolidating your payments can make the task easier.