 TITLE: Is Debt Counseling a Good Idea? CONTENT: What Are the Drawbacks of Debt Counseling?\n------------------------------------------\nLike anything else, there are some drawbacks to seeking debt counseling. While some debt counseling services are free (more on this shortly), debt management plans typically come with a price. Every credit counseling agency is different, but initial setup fees generally range anywhere from $30 to $50. This is on top of a monthly fee that could set you back roughly $20 to $75.\nAnother downside of debt management plans is that they don't normally include all types of debt. Mortgages, car loans and student loans, for example, are usually off limits. What's more, you'll have to close the credit cards that are included in the plan, which will reduce your available credit. This, in turn, could drag down your credit score.\nIt's worth mentioning that there are no \"quick fixes\" or shortcuts when it comes to improving your credit. Even if you do choose to work with a debt counselor, strengthening your financial health ultimately falls on you to follow through with their guidance. END