Usually, credit counselors can stop late fees and other penalty charges, reduce or stop interest charges, lower the required monthly payments and re-age accounts to bring them current. Once enrolled, correspondence from creditors regarding past due accounts are directed to the credit counselors. It puts an end to upsetting collection calls. In analyzing an applicant’s Read more…
Online Credit Counseling
Despondent and/or embarrassed, many debtors in need of online credit counseling and financial assistance are reluctant to discuss their financial affairs with an outsider. Consequently, many never take the necessary steps to amicably resolve their financial hardship. By offering online credit counseling, anyone with access to an email address may receive a confidential financial analysis, Read more…
Debt-To-Income Ratio
One of the quickest ways to get a handle on your current financial picture is to calculate your debt-to-income ratio. Lenders look at your debt-to-income ratio when they consider if you are creditworthy. A widely used measure of financial stability, debt-to-income ratio is calculated by dividing monthly minimum debt payments (excluding mortgage or rent payments) Read more…
Reduction Of Monthly Payments
Some creditors will not allow a payment reduction, although the majority will. In addition, sometimes the current payment is already substantially low and to place the account in our program (in accordance with a creditor’s policy on minimum payments) the payment may actually increase. When this happens, however, the creditor often makes other concessions. Nonetheless, Read more…
Reduction Of Interest Rate
Creditors’ policies regarding interest reduction vary dramatically, ranging from no change to freezing interest. With interest rates typically at 15% to 21%, interest reduction can save a client thousands, and for heavy debtors, tens of thousands of dollars. Obtaining interest reduction on just one or two accounts in itself may warrant enrollment in our program. Read more…
Fixed Monthly Payments
What is a fixed monthly consolidated payment The “fixed monthly consolidated payment” is specifically calculated to provide the client with an affordable budget while allowing the client to sustain a reasonably comfortable standard of living. It also provides the client with a consistent and exact dollar amount in which to budget monthly. Clients need only Read more…
Debt And Financial Management
DEBT CONSOLIDATION Debt Management And Consolidation Most debt management companies work as debt consolidation counselors. They help individuals who have accumulated a fair amount of unsecured debt and are now unable to make the required monthly payments. What typically happens to these individuals is that they fall behind on some of their payments, which doubles or triples their Read more…
Consumer Credit Counseling
A consumer credit counseling service is a nonprofit organization sponsored by creditors. The Consumer Credit Counseling Service wants you to repay your debts, and they think their sponsors will benefit in the long run by helping you figure out if – and how – you can do it. If feasible, they will help you devise Read more…