Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why?
Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why?
I make about $55,000/year and I currently owe approx. $34,000 in credit debt alone. That’s not including my car and student loans plus I still have rent to pay etc. I do not want to file bankruptcy if I don’t have to. I also would like to stay away from consolidation. My credit is average considering I have a high debt to income ratio, but I pay my bills on time.
Today, I was told by a company that they have something called debt management. I’ve never heard of that, but they said unlike debt consolidation where they lower both your interest rate AND balance, all debt management does is get the creditor to lower the interest rate. I would pay a monthly payment to the company and a monthly fee and they would make my payment for me.
What are your thoughts and please state why or why not. They said this will not negatively affect my credit score.
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Filed under: Debt Consolidation and Refinancing · Tags: Beneficial, Consolidation, Debt, ever, heard, Management, Think
Try the suggestions given at http://www.MoneyExposed.com. If you are committed to reducing your debt, you don’t have to spend thousands of dollars to do it.
I have a friend who has been on debt management for almost 3 years now. He is very satisfied with their services.
In most debt management program, you are require to pay off your creditors within 5 years.
I don’t know if you are a Canadian or American. Even in the United States, most debt management companies are highly regulated. They are very reliable. If you worry, talk to your local credit bureau.