Using Credit Card Debt Counseling As Debt Relief Repayment Plan
Debt seems to be a growing problem in this country
. Some of that can be blamed on the current economy, the housing market as well as the job market. People have begun to use credit cards for things that they never used them for in the past. Getting rid of debt is not easy, but it can be done with persistence and dedication. It takes a goal and a plan to reach that goal.
While the experts say the best way to get out of debt is on your own by increasing your income and decreasing your expenses, many people will struggle with managing their own debt management plan. Besides the accomplishment of getting out of debt on your own, there is a lot to be learned from managing your expenses effectively and being able to live on less than what you make.
However, not everyone is in a position to be able to do this without help. If you feel you need more assistance and structure to be able to become debt free, a nonprofit credit card counseling company is a great alternative to do-it-yourself debt management. You can consolidate your unsecured debt into one account that requires only one payment per month. Just having to management only one account can be a big relief. Handling several accounts can be time consuming and draining.
Another big benefit is the drastically reduced interest rates that come along with a credit counseling program. These rates are often reduced to 10% or below. Your fees are also eliminated, leaving you with less money to repay. As long as you make your payments on time, you should not have to be concerned with a large drop in your credit score. It may actually be higher at the end of the program than when you started, just because you have less debt. A 2% payment of the total debt enrolled is the normal monthly payment in a debt management program. A credit counseling program normally takes 3 to 5 years to complete.
Credit counseling can be what you need if you are overwhelmed by debt and just don't know where to begin. You can get a free quote today and you are not obligated to anything or you can simply as questions to gather information for making a decision. The only mistake you can make is to do nothing at all. Take the first step and begin working towards a life of debt freedom.