States We Service
Debt Management Review
Learn the benefits of lower interest rate balances to pay down your debt
We have prenegotiated interest rates with the banks, several as low as 0% fixed to pay down your balances.
If you currently have a credit card balance owed to Advanta bank, First Premier Bank, Tiresplus credit card, or Firestone, we have 0% fixed rates to help you pay down your debt fast. In addition Chase offers a 6% rate, US Bank 7.4%, HSBC 9%, Bank of America 9%, USAA 3% and many more lower rates. If you are currently experiencing high interest rates, its best to pay down your debt fast in our credit counseling program without hurting your credit score.
Do I Qualify For Either Debt Management Plan?
Generally a debtor must have more than 5,000 US dollars (USD) of debt to qualify for either program, but in some cases you can have as low as $3,000 for a dmp plan. Since United States bankruptcy laws changed in October 2005, it has become necessary to undergo credit counseling in a long-term debt management plan because personal bankruptcy is not an option. When privately seeking the assistance of a third party debt management service, make sure that they are an actual company which is easily found on any secretary of state website. Being registered with the Better Business Bureau is also helpful to view any complaints they have and why. An enrollment fee is to be expected for debt management services, and there may be monthly fees included in a debt management plan since customer service is such a huge department for these companies to be successful.What occurs in a debt settlement is first a quote of your total unsecured debt. Your state, total debt, and number of months available for a debt settlement payment plan is then calculated. Once an affordable monthly payment can be determined, a calculation of your total debt savings is determined. You would then be set up on a monthly payment plan where your funds are electronically drafted from your checking or savings account into a FDIC non-interest bearing savings account. The benefit of debt settlement is that when you do not have a lump sum saved up, you have zero negotiating power with your creditors. Creditors always want a lump sum, or three large payments that most people in financial distress cannot afford. In addition to setting you up on a payment plan, you are educated on the appropriate ways to deal with creditors, what not to say, and how to demonstrate you are in financial hardship.
Debt Settlement does have a negative impact upon your credit score from stopping regular payments to your creditors, but the people we recommend for debt settlement are already behind on their payments, and thus have already harmed their credit score.
How Is My Credit Score Calculated ?
35% of your credit score is based upon your payment history of making payments on time, that is how it is damaged. In addition, 30% of your credit score is based upon your debt to income. When your debt is very high, especially across several credit accounts, it is not wonder that you are considered a higher risk and that reduces your credit score. So having more than $10,000 in credit card debt and having late payments has already harmed your credit score. If this is your financial scenario, debt settlement is the key to reducing your debt in 4 years or less, thus eliminating that 30% hit to your score, and repairing your credit becomes possibly again through timely payments on accounts you can afford to pay.
For a no cost, no obligation quote on your financial situation, contact us now.
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Should I respond to those phone calls advertising "Last Chance To Lower Your Interest Rates" ?
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It doesn't matter how you got into debt. We can help you eliminate your debt in a time frame that works for you. Our Debt Management Program can help you do exactly that. For a no cost, no obligation quote on your financial situation, contact us now. or call 1-800-442-8004, ext 100 today.
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