A debt
management program, also referred to as a debt
management plan can help immensely if you're in serious
debt. Just be sure to do your research and consider all your
options first. If you find yourself drowning in debt, a debt
management program may
help you.
Debt management programs (sometimes called debt
management plans)
may be able to help you negotiate lower interest rates, get late
fees waived, work out a payment schedule that's acceptable to
you and to your creditors, and consolidate your monthly payments
into one. Keep in mind, however, that there are a lot of debt
management programs that are unreliable or that charge exorbitant
fees, and there are some that are just plain fraudulent. Also,keep
in mind that the purpose of an agency debt management program
is to get you out of debt and avoid
bankruptcy.
If your credit
isn't damaged, it probably will be by utilizing a reputable consumer
credit counseling agency. Because their job is to help you live
while paying off your creditors and acting on your behalf. Once
you enter into the agreement with an agency, let them handle
the collectors.
RESOURCES: Debt Management Program
FTC Bureau
of Consumer Protection - Consumer Information: Credit & Loans
Credit Report
and Score Information from Experian.com
TransUnion
- Check Your Credit Report and Credit Score Online, Instantly
and Securely
Equifax
Products: Credit Reports, Credit Scores & Identity Theft
Protection
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Personal Finance
Money Tip: Where possible, use online banking to pay your
bills. Let technology help
you out and do as much of your debt management online as
possible. This not only allows you to avoid any bank
queues, but also lets you do your banking 24-hours a day,
7 days a week. |
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