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Professional Debt Management Could be the Key to Saving Thousands by Paying off Credit Cards Five Times Faster!
Listen to Sam's Debt Management Story
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Disclaimer: *Approved to issue certificates evidencing completion of credit counseling or a personal financial management instructional course in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of the Providers services.
Assume that you’re carrying $10,000 in credit card bills at 25% interest. If you pay the monthly minimum at the average rate of 3% of your balance it will take 32 years to pay your balance, and you’ll pay $9,629 in interest. That’s almost as much as you currently owe.
With management help, those numbers look a lot different. While you’re starting with the same $10,000 in credit card bills, but instead of paying 25% interest, you could pay as little as 5% interest*. Because your plan is structured, you pay $178 a month for 5 years, and at the end of that time, you are paid in full. At the end, you’re also saving over $20,000 in interest.
Here's How the Plan Works
The first step in getting on a management plan is a one-on-one credit counseling session with our Certified Credit Counselors. CCMS will help you look through your finances and analyze your spending and saving patterns. This allows us to understand how you're accumulating liabilities and how you can create a balanced household budget.
If we agree that it's right for you, we will contact your creditors and help you establish a debt management plan. CCMS works with your creditors to lower your interest rate to their pre-established industry guidelines and let you pay off your credit card bills on a fixed monthly schedule.
Most Management Plans take from three to five years to complete. Instead of paying multiple creditors, you simply send us one monthly payment, and we make sure that your creditors are paid. At the end of the payment period, your card liabilities are paid in full.
A Management Program is designed to allow you to:
Debthelper.com will contact your lenders to set up repayment plans of three to five years or less, provide payments you can afford, and relieve you from harassing creditor calls. If you have more than one loan, Debthelper.com can consolidate all your loan payments into one lower monthly payment that will be distributed to each of your lenders.
Interest rates are the cost of borrowing money. Because credit scores represent how likely you are to pay off a loan, higher scores signify less risk for lenders, meaning your cost for borrowing money is lower.
Your annual percentage rate (APR) is also directly linked to your creditworthiness. The higher your credit score, the lower your APR will be, and vice versa.
There are plenty of reasons we can fall into credit card problems, and it's not always about our spending habits. Loss of job, loss of income, divorce, medical bills, and other unexpected emergencies can drive us to use our credit cards more than we'd like. Soon we find ourselves struggling with credit card bills, finding it harder and harder to make the minimum payments.
Making the minimum payments isn't a solution. Even if you never use a card, it can take between 15-25 years to pay off a credit card balance when you're only making minimum payments.
If you're ready to take positive steps to get your credit card bills under control and pay off your balances, a Non-Profit Management Plan might be for you.
