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Consumer Debt Management

Creditor Approved Debt Management Plans Allow Consumers To Get Out Of Debt!

For most consumers facing financial hardship a Debt Management Program offers the best and most effective solution for credit card
debt relief. Many creditors have hardship programs in place that
offer special repayment plans to customers who undergo financial hardship. These special programs are typically offered through nonprofit Consumer Credit Counseling Services and are referred to
as a consumer Debt Management Program.

If you have already decided to enroll in a debt management program simply complete the form on the right hand side for a no obligation FREE debt consultation. A certified debt counselor will discuss your financial situation and will be able to place you with a non-profit debt agency that is suitable for your particular needs and location.

A Debt Management Program primarily benefits consumers who
have accumulated a minimum of $5,000 in unsecured credit card debt and are unable to make the required monthly payments. Most credit card debt management programs reduce monthly payments, reduce interest rates, stop late fees and most important, will re-age accounts that are placed in the program, bringing them in good standing.

A credit card debt management program offers an opportunity to those enrolled to become debt free in four to five years. Debt relief
is also made possible through savings that may be achieved through interest relief and the process of re-aging accounts, thus eliminating expensive late fees and other punitive charges.

While there are other options available for debt relief, because debt management programs offered through consumer credit counseling agencies are typically creditor approved, it is our experience that a credit card debt management program offers the best opportunity to debtors to get a fresh start and get out of debt.

It is also important to understand that debtors who are considering filing for bankruptcy must first go through a certified Consumer Credit Counseling Service prior to filing bankruptcy. All potential bankruptcy filers must now undergo credit counseling via an “approved nonprofit budget and credit counseling agency” prior to filing for bankruptcy. Chapter 13 filers must also complete a course in “personal financial management” prior to filing for bankruptcy.

The new Bankruptcy Act of 2005 requires that all consumers seeking protection to complete a bankruptcy counseling session and receive a Certificate of Completion before anything can be filed. This provision ensures that consumers understand all of their financial options, and that they have the necessary knowledge and tools to develop a sound financial plan for their financial future.

There are many changes and requirements in the new bankruptcy act. For example, under the old law, filers had a presumption of eligibility to file under Chapter 7, with the final determination made by judges, who evaluated the specific nature of each bankruptcy. In lieu of this judicial discretion, the new law substitutes a means test to determine whether filers have enough income to pay some portion of their debts, and thus file under Chapter 13. You can learn more about the new Bankruptcy Act at Guide To Understanding The Bankruptcy Abuse Prevention & Consumer Protection Act.

The bottom line is whether you are seeking debt relief through the enrollment in a Debt Management Program, or through Bankruptcy, you will need to work with a certified Consumer Credit Counseling Service in order to move forward.

To learn more or to speak to a certified debt counselor who can help you through the process, we highly suggest that you complete the form on the top of this page to apply for a FREE Debt Consultation. There is absolutely no obligations and a certified debt counselor can help you determine the best option for your particular needs.

If you're undergoing financial hardship, don't wait until bankruptcy is your only viable option. Check out the resources available to you on our website, and do consider a FREE Debt Consultation.


 
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Center For Debt Management

Center For Debt Management

The Center For Debt Management

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Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation loans, debt settlements, legal aid, financial aid, credit and financing, credit reports, budget software, insurance, income resources, tax assistance and more. Get out of Debt! Call Now — 1800DEBT.COM

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