Debt Management Program
Debt Consolidation & Financial Freedom
Debt management plans, also known as debt management programs, offer a convenient solution for those with unsecured debt, such as credit cards, medical bills, and personal loans. Rather than struggling to keep up with multiple payments and due dates, debt consolidation through a debt management plan enables individuals to make one monthly payment on the day that works best for them.
Apart from the convenience of a single payment, a good debt management program can offer numerous other benefits. These include but are not limited to:
- Improved financial organization – The rigorous work you do with your certified counselors will help you come up with a carefully monitored budget. Such constant monitoring can help you improve your financial organization.
- Faster debt repayment – Typically with a debt management program you can get out of debt within a three-to-five-year timeline.
- Possible reductions in interest rates – The debt management program you are signed up with will negotiate with your creditors to lower your interest rates.
Potentially Waived fees -Enrolling in a debt management program means that you now have a system in place to pay off debt. This means an end to collection calls, reduced finance charges and over-limit fees, and faster debt payoff.
Set up Your Debt Management Program
At ACCC, certified and professional credit counselors are available to assist our clients with exploring their debt management options. Our counselors are available round the clock to provide needed guidance and determine the most appropriate debt management plan for each individual’s unique situation. We offer a free debt counseling session to help qualified prospects gain a better understanding of their options and find the right debt management program for their needs.
How Can Debt Management Programs Help Your Credit Scores
In addition to the benefits mentioned above, a debt management plan can also help individuals improve their credit score. By making regular payments, individuals demonstrate financial responsibility, which can increase their credit score over time.
More>> Why Credit Scores are Important
Who Should Use a Debt Management Program
It is important to note that debt management plans are not suitable for everyone. Individuals with secured debt, such as a mortgage or car loan, may not be eligible for a debt management plan. Additionally, those with high levels of debt may need to explore other options, such as debt settlement or bankruptcy.
When considering a debt management plan, individuals should also be aware of any fees associated with the program. While some organizations offer free counseling sessions, there may be fees associated with enrollment in a debt management plan. However, these fees are often much lower than the fees and interest rates associated with unsecured debt.
Debt management plans can offer a convenient and effective solution for individuals struggling with unsecured debt. By consolidating debt into one monthly payment and potentially reducing interest rates and fees, debt management plans can help individuals become more financially organized and achieve debt freedom faster. It is important to seek guidance from a certified debt counselor and carefully consider all options before enrolling in a debt management plan.