Posted on
September 3, 2009
at
3:07 am
What does debt management do for the consumer - exactly, and is it a good idea to enroll in it? Is it really non-profit? Have many have actually been successful with it?
Posted on
September 3, 2009
at
3:10 am
Is debt management a good idea?It depends on what your debt type is. If it's unsecured with high interest rates, if your debt totals to less than $10,000, it might be a good idea to use it.
Posted on
September 3, 2009
at
3:19 am
You are asking if debt management is a good idea and what exactly it's all about - It's also known as Debt Management Plan (DMP). A third-party company that negotiates with the creditors to lower the consumer's interest rates and/or lengthen the payment term. It promises to get the consumer out of debt in 4 to 6 years. That's a long time to be paying off debts and because of that, debt management programs have a high drop out rate.
Posted on
September 3, 2009
at
3:25 am
Is debt management is a good idea/is it non-profit?There are non-profit credit counseling agencies but they'd still charge you $25/month.
Posted on
September 3, 2009
at
3:31 am
Is debt management is a good idea?If you don't want to default on your payments, it's a good idea, if your goal is to just manage your payments - but if your goal is to eliminate your debts, there is another debt consolidation program that you may want to look at. In it your accounts must be past due and should be worth $10,000 or more.
Posted on
September 3, 2009
at
3:44 am
Why would I want to default on my accounts?! I don't get what you're saying there..
Posted on
September 3, 2009
at
4:28 am
I was talking about a debt settlement program. In it, your accounts must be past due for the creditors to agree to negotiate and settle. Your total balance in this program can be reduced to more or less half and you'd be debt free in 12-36 months.
