Debt Management
Debt management plans help people decrease and eliminate debt. The plans work best with “unsecured debt,” or debts such as credit cards, bank overdrafts and personal loans. “Secured debt,” such as mortgages, rent and utility debts, cannot be included in a debt management plan.
Debt management plans are necessary if you have too much debt. If you cannot meet your monthly payments, your creditors will record it on your credit history, which may lower your credit score, decrease your ability to find a new loan or take out new credit cards, and increase your interest rate.
If you’re a do-it-yourself individual, you can create your own debt management plan by prioritizing necessary expenses such as mortgage or rent, food and utilities such as electricity bills.
DEBT MANAGEMENT PROGRAM
Our debt management program helps simplify your monthly unsecured debt obligations. Examples of unsecured debt include: credit cards, department store cards, collection agencies, credit lines, and unsecured personal loans. Once you have enrolled, we will consolidate your payments and disburse funds to your creditors on your behalf.
As part of our debt management program, our financial counseling specialists will assist you with how to consolidate debt. Debt consolidation is an important step in lowering monthly payments to creditors and collection agencies. Unlike a debt consolidation loan, you do not borrow money. Credit card debt consolidation under a debt management plan provides you with one easy payment.
A Debt Management Program Can Help You:
- Reduce interest rates & stop late and over the limit fees
- Consolidate your unsecured debt into one easy monthly payment
- Pay off your debt in most cases within 5 years
- Develop a workable budget that you can live with
Debt Management Program Benefits
- A Small monthly payment.
- Debt Consolidation into a single monthly payment.
- Reduction or elimination of interest.
- Reduction or elimination of late fees.
- Roll-up Payment System
- Flexibility.
- Upgrade of credit reports to current status.
- Avoid collection agencies.
- Savings of time and money.
- Avoids Bankruptcy.