Debt Management Blog

How Is Debt Management Different from Debt Consolidation?

Debt management and debt consolidation are both tools that can help make your debt more affordable. In fact, debt consolidation can be part of a debt management strategy. Here's how. Debt Management Techniques Debt management usually involves making a monthly payment to a debt management or credit counseling company, which then divides the payment between your unsecured creditors each month. A good service should also counsel you about dealing with debt and teach you to budget and spend wisely [...]

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Debt Management: For Homeowners Only?

The best debt solution for your circumstances depends on a number of things like your income and expenses, your outstanding balances, your employment, and residential status.A debt management plan is an informal debt solution that may also involve budgeting and debt consolidation. The best debt management involves counseling and learning budgeting skills, so that you don't end up in hot water again. Normally, your counselor contacts your creditors and negotiates lower payments and interest rates [...]

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Decreasing Debt: Management, Settlement, Consolidation

Debt management is a lifelong commitment. Debt management, done correctly, is more than paying off credit cards and consumer loans. It's learning how to avoid getting in over your head again. A good debt management service includes education and counseling, not just the promise of a quick settlement. Debt management services act as go-betweens for you and your creditors. They may negotiate lower interest rates and reduced fees with your credit card companies. You write the service a monthly che [...]

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Chapter 13 Bankruptcy, Debt Management, or Debt Consolidation?

If your monthly payments and expenses exceed your income, and you have cut back as much as you can (you're eating a lot of peanut butter and ramen noodles), you're ready for a serious debt reduction strategy. This may involve debt consolidation, debt settlement, debt management, or even bankruptcy. Here are the pros and cons of two similar options--the Chapter 13 bankruptcy filing and the debt management plan. Chapter 13 Bankruptcy and Debt Management Plans Are Similar Both of these solutions [...]

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Decreasing Debt: Can a Debt Management Plan Help?

Debt management plans (DMPs) are often offered by credit counseling services. With a DMP, you make one payment each month to your credit counseling service. The service then pays your credit card bills, student loans, medical expenses, or other unsecured debts according to a payment schedule they negotiate with your creditors. Counselors may also get creditors to lower interest rates or waive certain fees if you are enrolled in a DMP. Debt Management: Selecting Your Service Reputable credit c [...]

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Debt Management: How to complete the program successfully

Don't Write a Single Check... ...until you make sure that your debt management service or credit counselor is legitimate and has in fact made agreements with your creditors. The Federal Trade Commission (FTC) has found some organizations (under rocks and covered with slime) that offer debt management programs (DMPs) and have ripped off their clients. The FTC recommends that you check your bills to make sure that they are being paid as agreed. Continue to pay your bills until a plan has been app [...]

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Improving Your Credit Score

One of the major factors in determining the rate at which you can obtain credit (or even if you will be able to get credit at all) is your credit score. Therefore, if you are looking to refinance a loan you should make very sure that you know what your credit report contains and, if everything is not as it should be, take serious steps to rectify it. Your credit score is simply an averaging out of various figures that have some bearing on your possible future ability/inclination to repay loans. [...]

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