Do you deal with your credit card debt all by yourself or through a credit counseling agency? As for me, I use AKPK (Agensi Kauseling dan Pengurusan Kredit) to manage my credit card debt. In fact, I have been in the debt management program since October 2008.

Read: AKPK Debt Management Program – Part 1.

Read: AKPK Debt Management Program Part 2.

Read: Back Then in 2008 and Now 2010 for AKPK Debt Management Program Application.

There can be various reasons why people choose to go for a credit counseling and debt management agency.

Some feel that they are not comfortable in dealing with credit card debt by themselves, so they let a credit counselor handle it for them. Some go for a credit counselling and debt management agency because they lack of time to do the research and evaluate options for credit card debt settlement. Others just want professional advice and hence they contact credit card debt management agency.

Whatever be the reason for using a credit counseling agency, a good credit card debt management agency would surely be of help.

However, it’s important that you select a good credit counseling and debt settlement agency.

Never Fall for Ads of Credit Card Debt Management Agencies That Promise to Wipe Off Your Debt Overnight!

No Credit Card Debt Settlement Agency or Anyone Else Can Do That!

You should select a credit counseling and debt settlement agency which has verifiable credentials or a company that you know has a good reputation. If some friends have been through this process previously, they might be able to recommend a reliable credit counseling and debt management  agency to you.

Once you find a reputable credit card debt management agency, be honest with your credit counselor about your debt or/and debt-related information no matter how bad your debt is.

It is important to note that no credit counseling and debt management agency will be able to help you if you are not ready to help yourself. So, follow the advice given by your credit card debt counselor and practice good spending habits.

I have about $25,000 of debt but can still pay monthly payments on time and have never missed a payment.

If I try to get a personal loan as opposed to a debt management program, which looks better to creditors?? My credit score is around 650-670. I am thinking of going to a non-profit credit counseling agency to see what they think.

I still have some stocks and bonds totaling $6,000. I do get paid consistently and have been trying some internet surveys to make some small money on the side to my job.

What things should I look for at the credit counseling agency?

I am entering into a debt management program with a credit counseling company. I have about $17,500 in debt and my payment with the company would be about $400 a month.

My question is, would creditors be willing to accept 1/2 of the minimum balance that is due actually? I have 3 cards I’m in debt with, $285/month, $185/month, $165/month respectively.

I’m already 2 payments behind with 2 of the cards. Would the credit card companies accept a personal offer of 1/2 the usual minimum for a certain time frame? So I’d offer them $142.50, $92.50, $82.50.

Or since I’m already behind on payments should I stick with the debt management program (I just signed on and have to make my first payment on 2/28) and wait until I’ve been in the program a few months and then try to talk personally to my creditors and see what I can offer at that time??

Please advise. Thanks.

I am considering entering a debt management programme because I am way over my head in credit card debt.

I know it may not be the best debt relief solution but it seems I keep putting it off, getting no where paying down my debt.

Does anyone have advice or comments?

We are drowning in debt. So far we have managed to get our MINIMUM monthly payments out each month but we are getting no where.

Would a debt management program be a good option for us?

What exactly is a debt management program or debt management plan? Where do I find a reliable debt management company or agency one to work with?

I just entered a debt management program to get control over my credit card debts. I have done this separate from my husband so that only my credit is affected.

Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate his credit card debts and vehicle loans, and do home improvements.

In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the home equity loan.

Serious educated replies will be very much appreciated.

I’m a 22 year old full time college student with a part time job.

About three months ago I joined a debt management program because I thought it would be easier for me to manage my credit card bills that way.

However now after joining, I’m realizing that I’m unable to keep up with the payments I’m making to them. It’s like after my other bills and this payment are taken out every month, I hardly have any money left and I think I’ve put myself in a bind.

If I leave the program now will this mess up my credit, will it make it harder for me to join a debt management program in the future, will my creditors be resistant to work things out with me in the future because of this?

I simply just can’t afford to be in the program now.

I did an internet search and all lead me to already established debt management programs. I want to set up my own debt management program, which can negotiate with creditors, consolidate loans etc… How do I get started?

I reiterate: There are literally thousands of debt management, consolidation, counseling websites and resources. I am not looking to manage my own debts, I am looking to start a debt management program for other people.

I want to know what grants to apply for to begin a start up program. I want to know what regulations, fees, licenses I need to start my own debt management program so that others can come to me for debt consolidation services.

For me, a sudden increase in the number of product reviews is doubling this month’s income. If I add in my AdSense and Amazon earnings, wuahaha, this Chinese New Year is going to be a prosperous new year.

So far, my personal savings has reached RM1,700 without hubby’s knowledge.

As for hubby, besides his monthly salary of RM2,000, he will have a one-month bonus or maybe 1/2-month’s bonus. We are still grateful if he is only given a half-month bonus. After all, he only commenced his work on the 1st of July last year.

Oh, there’s still Ang Pao for him from the school! The amount of money given depends on his work performance. It will be between RM500 and RM1,000.

After deducting this month’s RM680 AKPK debt management repayments, RM820 car loan, RM374 home loan installment, RM150 bank overdraft interest charge, RM270 flat rental, RM110 phone and internet service charge, RM33 handphone fee, electricity bill, food and grocery expenses, there’s still money left to be saved as emergency fund and pay back some personal debt owed to friends/family.

In the survey conducted between Aug 21 and Sept 23 last year, 69% of Malaysians said they were extremely concerned about the cost of living expenses while 62% and 59% were worried about salary changes and personal debt respectively.

“Malaysians were less worried about the value of their retirement fund and portfolio, and fluctuating interest rates,” the company said in a statement here yesterday.

However, 25% of those surveyed also said they were more confident about their personal financial situation compared to six months earlier although 52% felt there would be no change.

Only 23% indicated they were less confident than earlier.

Sixty-six per cent of Malaysians also said they were more concerned about the impact of the global financial crisis on the local economy.

The survey involved 5,520 respondents aged between 18 and 65 years, of whom 500 were from Malaysia.

The rest were from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, New Zealand, Singapore and Taiwan.

Visa country manager Stuart Tomlinson said Malaysians were being practical during the current economic climate by focusing on managing their concerns, providing themselves with a level of security and peace of mind.

“For Malaysians, potential changes in salary levels are also of concern,” he said, adding that across the region, consumers were looking to see how they could manage their expenses, savings and job security, rather than macro-economic conditions such as exchange and interest rates.

As a credit-card-debt woman who has been in AKPK debt management program since October 2008, I no longer need to worry about my credit card and loan debts. Phew, no more harassing phone calls and legal notices from banks!