Consolidating debt debt management service

That is what credit counselors should do for you.” TYPE: Nonprofit Debt Consolidation.HOW IT WORKS: A credit counselor asks questions about your income and expenses to see if you qualify for a debt management program.Debt consolidation programs make it easier to eliminate high-interest credit card debt by reducing the interest rate and lowering monthly payments to an affordable level.The primary goal of debt consolidation programs is to help you eliminate debt and save a little money in the process.Debt consolidation works when the interest rate and monthly payment on your credit card debt is reduced by combining all your bills into a single payment.Another way to consolidate high-interest debt is to have an agency negotiate a settlement with the card companies for less than what is owed.One call to an FCAA member agency will have you on the phone with a certified credit counselor who will review your budget with you and help you devise a plan to get back on the road to financial wellbeing.

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Bankruptcy is an option for those with burdensome debt loads and not enough income to pay off the debt.One monthly payment is made to the credit counseling agency, who then disburses the payments to the creditors.Concessions are often given to consumers enrolled in DMPs and can include lowered interest rates on outstanding debt, elimination or reduction of late fees and bringing past due accounts current.Please speak with an attorney to discuss if this is the best option for you.Please reach out to an FCAA member agency who can review your budget with you and help you to understand the options which option to repaying your debts would be most beneficial for your particular financial situation.

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