Credit counseling provides guidance on consumer credit, money and
budgeting. The objective of most credit counseling is to help a debtor avoid bankruptcy and to provide primary financial education on managing money.
Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees. A lot of these companies are owned by the credit card companies themselves. And even though interest may be reduced, it could still take a very long time to become free of debt.