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Credit Counseling / Debt Management

If you’re struggling with your finances, it’s important to know that several options are available to help you get back on track. However, determining which option suits your specific needs can be challenging. We invite you to speak with one of our representatives today and provide details about your financial situation so that we can explore the options available and guide you toward the most appropriate choice for you.

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What is Consumer Credit Counseling Debt Management?

Debt management is a program that helps individuals struggling with debt regain control of their finances. It involves working with a credit counseling agency to create a debt management plan, which typically includes negotiating with creditors to lower interest rates and monthly payments.

What are the pros?

The pros of debt management include:
  • Lower interest rates: A debt management plan may help you to negotiate lower interest rates on your debts, reducing the total amount you owe.
  • Simplified payments: With a debt management plan, you make one monthly payment to the credit counseling agency, which then distributes the funds to your creditors on your behalf.
  • Professional guidance: A credit counselor can provide expert guidance and support to help you manage your finances and develop good financial habits.

What are the cons?

There are multiple cons to debt management, which include:

  • Fees: Credit counseling agencies may charge fees for their services, which can add to the overall cost of the program.
  • Negative impact on credit score: Entering a debt management plan can have a negative impact on your credit score, as it involves closing some or all of your credit accounts.
  • Potential for debt consolidation loan rejection: If you need to apply for a debt consolidation loan in the future, your participation in a debt management plan could make it more difficult to qualify.
  • Lengthy repayment period: Debt management plans typically involve a longer repayment period than other debt relief options, which can mean paying more interest in the long run.

It’s important to consider all the pros and cons of debt management before deciding if it’s the right option for you. It may be helpful to speak with a credit counselor and explore other debt relief options, such as debt consolidation or bankruptcy, to determine the best course of action for your situation.

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