Debt Management Info Blog

jenny asked:


my husband and i have found ourselves with overwhelming credit card debt….i have looked into debt consolidation programs but my husband says that if you do one of these programs it hurts your credit rating…is that true? does it show up on your credit report? and has anyone participated in one? was it worth it? did it help you? are there any risks??? what company did you go with?

Thanks!

lawn1016 asked:


Can you enter only 2 cards into a Debt Consolidation Program?? They are both high balances…one is $7500 & the other is $8500
I’m not talking about debt negociation…just consolidating so I only have 1 payment.

james j l asked:


thinking about trying a debt management program to consolidate bills..

sangamania asked:


So I have a Bank of America Visa with about $6,300 at 13%. The account was closed by a debt management program. And I have been paying monthly payments through the DMP. I want to make a payment on the Visa more than the monthly payment. But I cant pay the entire balance.

I wanted to pay about $1000. Just to reduce the principle. But I remember the Credit Counseling told me not to do so. They said it shows that I have money and BOA might not abide by the agreement anymore.

Do I trust the Credit counselors? Or make a payment to BOA directly?

And do you think credit card companies are evil? JK

Kristy K asked:


My husband and I are currently enrolled in a debt management program recommended by my credit union… Because of this, all of our accounts have been closed. How can we rebuild our credit and bring our scores back up (they are in the mid to high 500s right now)? How long can this take?

nebula asked:


I entered a debt consolidation program a year ago, and I’m wondering if its really the best option for me. I did a lot of calculating, and between the interest I’m still paying to the credit card companies, and the monthly fee I’m paying to the debt program, only about 55% of my money is actually going to pay off my debt.

I called one of my credit card companies, and asked them what my interest rate would be if I opted out of the program and paid on my own, and I was told it would go up from 7% to 32%.

So basically either way, a ton of my money is not going to pay off my debt. Are there any other options?
Thanks for helping me look at it a different way. I’m just really pissed at myself for being so stupid when I was younger, cause there are so many things I could be doing if I didn’t have all this freaking debt
No offense, but seriously, if I had more money, I would pay more toward the debt. Its not as simple as “paying more” when you don’t have anymore. I can barely even afford gas for pete’s sake.
First sentence: I entered into a debt consolidation program a year ago. It goes like this… all the payments I will make this year, less the difference in my balance by the end of the year, plus the monthly fee for a year. So I can either pay this fee, or go back to super high interest rates.

And I am paying more than my minimums.

carey646 asked:


has anybody used a CCC or debt management program out there? if so, if you had a good experience, could you tell me who you used?? if you had a bad experience, please tell me who you used. thanks!

E G asked:


In a debt consolidation program is it likely that you will be able to obtain additional credit?
for example a debt consolidation for a student loan.

heather asked:


I am a full time student and about 10k in credit card debt combined on 2 credit cards. Yes, I made some stupid choices. I have been unable to get the interest rates lowered on these (one is 17%, the other is 19%). I am looking into a debt management program to get on track to paying these off. can anyone recommend any? I was looking at Greenpath as I heard good things about them.
I have tried apply for other credit cards to transfer the balances, but am denied due to my credit score.

iN 2 DEEP asked:


What do you think is the best way to clear up Credit Card dept??? Paying each debt individually with minimum payment every month?? Which is all I can afford. Filing bankruptcy??? Settling out??? Signing up for a debt management program??