Brad Strohe of Freedom Debt Relief in San Mateo, California, cautions:
"During the holiday season, people throw caution to the wind and have less personal guilt about spending because it’s not on themselves. Our recommendation is to set a limit for a maximum amount you’re going to spend without regard to who you’re buying for, and for what purpose. Then make a list for the people you need to shop for and stay within the budget."
Liz Pulliam is a well-known consumer finance columnist. In her recent column, Four Credit Scoring Myths, she states:
"The current FICO formula ignores any reference to credit counseling that may be in your file. That’s been true for the last three years, after researchers at Fair, Isaac, the company that created the FICO scoring system, noticed that people getting credit counseling didn’t default on their debts any more often than anyone else." (emphasis added)
It's good to know that Fair Isaac, the credit-scoring company, treats credit counseling as a constructive approach to debt problems.
For full article, see MSN Money (11/30/04):
First, let me tell you that you have been a godsend At the time we started your program we were deeply in debt and possibly headed for financial ruin and divorce. Since working with you, we have been able to work out our finances and actually created a budget and stuck to it. As it turns out, the solving of one problem gave us the confidence and ability to work out all of our other problems.
I hope that with the Lord's help and our determination that we will never find ourselves in this predicament again. Thank you and God bless you all.
