Have you been finding yourself constantly receiving maddening harassment calls from hostile creditors or collection agencies, demanding that you make a payment on the debts you owe?
Do you feel like you’re drowning in so many monthly payments, interest, and late charges, that you’ll never be able to catch up?
Well, if your debt has become more than you can handle, it may be time to look into a debt management program.
Debt relief programs are designed for people who can no longer afford their minimum monthly payments and are on the brink of bankruptcy. A program like this will help you by taking all of your debt and consolidating it into a single payment that is more affordable for you.
Normally, creditors are the ones who handle these matters, which in the end, can end up being a more problematic situation for you. The banks that hold the credit cards in question are the ones to decide the rate and payoff amount that you will be required to pay.
Unfortunately, you will usually have no say in this agreement and must abide by their terms and make every payment on time. If you can’t manage this new monthly payment, you’ll usually be dropped from the program.
That’s where a company that specializes in debt settlements comes in handy. You can find a variety of companies like these that are there to assist you and act as a sort of mediator between you and the creditor.
These companies will negotiate to get you a better term and interest rate than you would be able to get on your own. Sometimes they can even make sure that you stop receiving all those awful harassment calls while you are working on getting your debt paid.
Another aspect of debt management is what’s called Credit Counseling.
Sometimes, you will need to meet with a Certified Credit Counselor, who will work closely with you to provide possible solutions to your debt relief by helping you to develop a spending plan that includes your living expenses and payments to your creditors.
The other services they usually provide include money, credit, debt, and bankruptcy education.
If you need some information about what you can do and where you can find help, the Consumer Credit Counseling Services (CCCS) and The National Foundation for Credit Counseling (NFCC) will help you with these issues. You can reach them at 1-800-388-2227 or on their website.
Debt Management programs help thousands of people every year get out of debt and regain financial freedom. Therefore, if you’re at the point where you feel like no matter what you do, you’ll never be able to catch up-then give a debt management program a try.