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Debt Management

Debt Management

Debt Management is the use of a third party service to pay your creditors each month on your behalf .

You make one payment to this 3rd party or Debt Management Company and they intern pay your creditors.

The Debt Management Company has negotiated new lower rates on your current credit card debts and reduced the term as well, all for a small monthly fee.

When using a Debt Management Plan it is important you understand, you will no longer have use of those cards enrolled into the plan.

There is also a remote possibility that any cards you have not enrolled in the plan will be cancelled by the issuer some time in the future as they will eventually see you are using a 3rd party via your credit report.

The good thing about this program is you will be debt free in a much shorter time, save a lot of money related to interest expense and it will not  impact your credit score.  

Keep in mind in many instances your monthly payment to your creditors may actually increase as this plan reduces the normal term of 10 to 15 years to 5 years or less, depending on the amount of debt enrolled.

If you would like to explore the possibility of a Debt Management program and determine if it would work for you, please fill out our contact form and a credit counselor will be in touch with you shortly. Or simply call 866-881-8125 

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