Have you just started using credit cards for groceries and gasoline because there is not enough at end of a paycheck? If so, you had better consider enrolling in a free debt management program before your only financial option is filing for bankruptcy.
Don’t wait until the last minute when you are unable to meet what the creditors are even asking on a debt management plan.
As a credit card debt woman who is now in a free debt management program, I understand your desperation for quick solutions to pay off your debt.
However, you should know well that the more stressful and desperate you are, the easier you are lured into false promises that end up costing you a lot of money.
Take your time when it comes to finding a reliable credit and debt management company. This way, you can avoid any third-party service that attempts to charge you upfront fees of hundreds or thousands of dollars.
Find a certified credit counselor from an accredited, non-profit credit counseling agency, such as one that’s a member of the National Foundation for Credit Counseling (NFCC) to review your financial situation, contact your credit cards issuers to close the accounts, work with the creditors to reduce the interest rates, eliminate late fees on your balances and create a debt repayment plan.
According to NFCC, initial counseling sessions are often free, or cost very little — $15 or so. If you sign up for a one-time debt management plan, it costs $25-50, and the agency’s monthly fee to administer the plan averages $25-50.
Once you get in the door, ask about fees. If the credit counselor won’t talk about what the agency charges, walk away.
Once enrolled into a debt management program, you make one monthly payment to the credit counseling agency and the agency disburses your payments to multiple creditors on your behalf.
Don’t wait until it is too late to enter a free debt management program. By then, you are on the bankruptcy, not the debt management side of things.
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