On the other hand, a debt counseling will provide you the ample insights about proper financial planning. This will include effective ways of going along with the set budget for your needs. Most of the debt counseling services will negotiate with your creditors with regards to eliminating some late fees, reducing the interest rates for the loans, and extending the term being for a loan you have in progress. It is very common for businesses to be under some disputes in billing, disagreements on the contracts stipulated, and some visible discrepancies with the accounts. These are among the common causes of the downfall of a business firm. Most of the times, these kinds of discrepancies always end up in the court of laws thereby making the business owners pay for handsome attorney s fees and other related court costs. There are always these companies that tend to assure you that they will legally terminate your debt accounts. These promises are better said than done of course. Most of the ads posted to websites will appear to fight for the elimination of your debts for a fee of course but the truth to the matter is that they will charge the fee to your credit card account and they will likewise contest the legitimacy of that debt also. However, the government is aware of these sites and keeps on warning people to stay away from these companies. The government maintains the position that what these companies have to offer does not work. This debt elimination tip can save you the agony of losing your money when you are trying to eliminate your liabilities. The main reason for this is the fact that most people do not really think that debt elimination without bankruptcy is possible. However, to the uninformed, you need to know that there are many ways to achieve debt elimination without declaring bankruptcy. You only need these: 1) Help - If you are unsure of how to accomplish debt elimination without declaring bankruptcy, you might want to get some help. Real debt elimination companies will offer you the services of qualified and certified counselors to help you fix your finances. Another way to tell is through the payment that the company requires for its services. Often, fake debt elimination companies will ask for outrageous fees for very small services.