Debt Management Companies
If you are looking at a stack of unpaid credit card bills right now that you can't handle, then the services of debt management companies may give you solutions and relief. If you feel like you're sinking deeper and deeper into debt, you're not alone. Many Americans just like you are in the same boat - trying desperately to get debt relief but are having a tough time figuring out the right steps to take. Luckily, there are several options available that are designed to help you manage and ultimately, pay down your debts sooner than if you only continued to do so on your own.
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One viable debt relief option is to seek the services of debt management or debt consolidation companies, which can custom-design a manageable and affordable plan for you to pay off your debts at an accelerated pace. Debt management companies generally come in two types - those that require a fee, while others are non-profit debt management companies -- usually government or charitable organizations -- that won't charge fees in exchange for their services.
In a tough economy where so many people are falling behind on their payments, it is no surprise that the debt management business is booming -- which can be both good news and bad news for many consumers. The good news is, there are almost an endless number of debt-relief companies out there promising to help you eliminate your debt. But the downside of so many options is, it can be very tricky to determine the differences between the services that these debt-relief companies offer. Debt management companies typically offer debt management plans or programs (DMPs) that allow you to pay back all your debts at a lower interest rate and with an amount that that you can comfortably pay back every month.
With a debt management plan, you will likely work with credit counseling companies that will thoroughly review your finances and put you on an easier-to-manage and more structured repayment plan to help you pay off your debts. You might also come across companies that offer services like debt settlement, where the creditors agree to "forgive or settle" your debt for significantly less than what you actually owed. Then, there are companies offering debt consolidation loans. Unlike debt management companies, debt consolidation loan companies can combine several of your high-interest debts into one, lower interest rate loan. There is also what's known as Christian debt management companies, which may provide financial management skills based on Biblical principles.
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The services offered by debt management companies are not meant to find solutions for everyone's financial dilemmas -- debt-relief services are not one-size-fits-all approaches. Yet, a debt management program may be something worth looking into if you like the idea of learning financial management and budgeting skills while also paying down your debts. If you're considering working with debt management companies, remember to do your homework. Comparison-shop the different services offered and make sure to ask about the fees involved.
Working with a Debt Management Company
Once you decide to work with a particular debt management company, you will generally have counseling sessions with debt management counselors who will review your assets and liabilities, as well as your spending habits. When they have a clear picture of your finances, they will negotiate with creditors on your behalf and try to get you reduced interest rates, possibly eliminate finance charges, or lower monthly payments.
With a more structured and more lenient payment plan in place, you are more likely to get a better handle of your finances, eliminate your debts, and gain control of your life back possibly sooner than you can imagine.
Request a free debt relief analysis and savings estimate in minutes. Start by answering a few, basic questions here.