THESE OPTIONS ARE ADVERTISED BY THIRD PARTIES

Consumer Credit Counseling and Debt Management Programs

We can refer you to reputable Consumer Credit Counseling companies. Most Consumer Credit Counseling companies offer Debt Management Programs or “DMPs.” In a typical DMP the consumer is given a plan that provides a five year schedule of payments with which the customer will repay 100% of the principal balance owed to creditors, plus fees to the DMP. The consumer will save on reduced interest, and, in some cases, waiver of penalties and over limit fees. These savings are to some extent erased by the fees charged by the Consumer Credit Counseling Company

This is a solution for consumers who are still able to repay all or almost all of their debt. Though the savings are often insignificant, many consumers benefit from having a third party intervene with their creditors and put together a payment plan.

Do What You Have Been Doing… Really

Once in a while we speak with consumers who realize too late that they have borrowed more than they meant to, or more than they feel they should have borrowed. Feeling trapped when they learn it will take years to pay their debt, these folks start looking for a way to change. They want a better, faster, cheaper way to pay off their debt. But, with time and deliberation they discover that, though the debt will limit their options for a time, it should be repaid in full, the old fashioned way. The situation does not call for anything more drastic that financial discipline. Anything else would only make matters worse.

These consumers need only do a better job of what they have been doing. If they pay a little more on their debt and spend a little less on themselves, their debt will disappear and they will have learned important lessons about the use and abuse of borrowing.

Or not

More often, we meet consumers who are not real excited about change. By the time they get to us, they are exhausted from years of “treading water.” After struggling for years to make payments on their obligations, they find they have as much debt as ever, perhaps more. Some of these consumers are fearful, some are stubborn, some have other reasons; but, for whatever reason, they do not want to change. They will sometimes continue for a decade or more paying all they can on debt they will never catch up to.

Nothing will change if you keep doing what you have been doing. You need to take action, get help, and make a fresh start. Call 800-860-1004 for a free consultation.