What is consumer credit counseling, also referred to as CCC? Consumer credit counseling is a debt management service that helps consumers regain control of their finances. They can usually arrange for you to consolidate all of your debts, or at least most, into one debt, reduce and sometimes eliminate interest rates from certain debts, lower monthly payments and put you on a payment plan to pay off your debt much quicker than you would on your own. There are many pros and cons to consumer credit counseling companies and agencies though.

Some mortgage lenders will look at a consumer credit counseling program the same as a bankruptcy. This will reduce the availible LTV on a home loan and affect interest rates as well.