As a Loan Officer, we view the use of credit counseling services as similar to a Chapter 13 bankruptcy, because both can entail a payment plan and re-negotiation of debt payments. Some people who are using a credit counseling service do end up filing bankruptcy because they still don't have the income or money management skills to handle the payments. So, in some cases use of such a service can be a negative.
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How would you view it in the mentioned situation above as negative? If it was a bad situation to begin with, then they really have nothing to lose and I am sure, we have some success stories. . so how is it negative?
Even if they end up filing bankrupcy after counseling... I still wouldn't call it nagative....
My two cents...and maybe offcourse I am missing something...