Debt Management

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This page is provided to consumers as a more detailed explanation of what a personal debt management program is. A debt management or debt consolidation program is designed to pay off your unsecured debts (usually credit cards) in full, over a period of not more than 5 years. The program is non-qualifying. That means that if you are living and have a desire to become debt free and the means to make monthly payments, you can qualify for this program, your current credit score is not relevant. This program can be an excellent means of paying off your credit card debt but is not the answer for all individuals.

The banks control this program. Shopping companies to get a better payment or rate is a complete waste of time. The new lower interest rate you receive is pre-determined by the bank that the credit card is with. The new monthly payment in the program is also pre-determined by the bank the credit card is with.The new interest rate and monthly payment for each credit card put into this program is unique to that bank. For example, Bank x may reduce your interest rate from its current 32% to 8% and also reduce your monthly payment from your present 3% of the balance to 2.2% of the balance. Bank y may reduce your interest rate from its current 25% to 12% with a reduction in monthly payment from 3% of the balance to 1.75%. Generally speaking the savings in both payoff time and money can be staggering by utilizing this program.

If you are currently in a situation where you are beginning to fall behind on your payments due to high interest, over limit and late fees than you will want to see what this program can offer you with a free analysis and quote for your unique situation. That debt consolidation analysis must also include a look at your current expenses and income. While this program will reduce your monthly payment, your ability to maintain these reduced credit card payments must be considered. If you are unable to sustain the new reduced payment on time, there is a good chance you will be dropped from the program, by the banks. The reason the situation occurred is also important.


Important Points:

Any credit cards put into this debt consolidation program will be closed. It is understandable that the banks do not want more debt piling up as you are paying off. This program is not used as a calculation in determining your credit score, however, a notation will be placed on your credit report that you are participating in a Debt Management Program. If it is determined that this program is right for you, than you should always keep at least one card out of the program for use in an emergency, your credit counselor can help determine which card is best to keep.

FOR A FREE PERSONAL DEBT CONSOLIDATION QUOTE, EMAIL US AT:
Help@AMERICANDEBTENDERS.COM or visit: www.americandebtenders.com/startnow.html


Important Points:

Any credit cards put into a personal debt consolidation program will be closed. It is understandable that the banks do not want more debt piling up as you are paying off. This program is not used as a direct calculation in determining your credit score, however, a notation will be placed on your credit report that you are participating in a Personal Debt Management Program. If you determine that this program is right for you, than, if possible, you should keep one card out of the program for use in an emergency, we can help determine which card may be best to keep. Please Note: American Debt Enders is not a direct provider of Personal Debt Management Services. We are authorized to enroll you through our contractual affiliation.

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