Debt Management through Credit Counseling
With a credit counseling agency, you consolidate your bills by working with a counselor who will help you determine a monthly payment plan that will satisfy a minimum amount of the debt. By connecting with a credit counseling agency in the ClearUpMyDebtNow.com network, consumers can reach a reputable credit counseling agency. A credit counseling program typically lasts for about five and a half years. The agency you work with will contact each of your creditors and offer a proposal to lower the interest rate to a reasonable 9-10%. With the new lower interest rate and a consistent payback schedule, you reasonably can expect to be debt-free at the end of your program.
If all of your creditors accept the proposals and you abide by your debt management plan, your credit will be impacted very little upon completion, but may be frozen until that time. A consumer credit counseling agency typically will save you money in comparison to a consolidation loan, and also will take you less time to become debt-free.