Friend is in a bind, wants to know if credit counseling is a good idea ...

She has several credit cards, all but one in default for more than 90 days. They have all gone to collections. She also has a large amount of student loans and is current on these. No other debt ? she rents and doesn?t have a car. She has a job but is currently completely broke due to reasons I won?t divulge (same reasons that led to her credit cards being in default), but should have money to pay bills within a month or so.

So what can she do? If she calls a collection agency, can she say ?look, I can pay this much a month? and then pay it and they will accept that? Obviously there is no way she can afford to pay what is past due. Is it better to go through a credit counselling agency? Don?t they just do the same thing but charge for it? And what about the likelihood of getting reductions in interest rates? She doesn?t really care about effects on her credit score because at this point her credit is completely messed up anyway.

Thank you very much for any advice.

Source: http://article-finance.com/friend-is-in-a-bind-wants-to-know-if-credit-counseling-is-a-good-idea/

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