Welcome to Debt Management Guide
Debt Management Credit Counseling Corp Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Consumer Debt Management: Is This Financially The Best Decision?
from:The risks and worry are there for anyone who is considering consumer debt management. They are worried that this may or may not be the right way for them to dig out of debt. With any debt management program, you do have to consider the financial goals you have and if they can be improved through these programs. There are good and bad aspects of debt management like this, but it is up to you to find the best opportunity out there.
With consumer debt management, take some time to do some calculations. On a piece of paper write down all the debts you have, how much you owe, the monthly payment as well as the interest rate on each credit card, personal loan or other unsecured debt you may have. Then, log into an online debt calculator and figure out the details of your specific situation.
For example, let us say that you are an average American that has about $8000 in credit card debt and you are struggling to pay it off. Let us assume you are paying 20 percent interest on those credit cards each. You are likely paying at least $200 a month to this credit card as a minimum payment. If you do this, it will take you 425 months to get rid of your debt altogether and it will cost you not only that $8000 but also $15,465.86 in interest payments. This is a very costly situation to put yourself into, during those 425 months; you have to deal with the problems and stress that comes with it.
As you can see, a consumer debt management program may be the best route for you to take, especially if you have more debt or higher interest rates. With the help of consumer debt management, you can benefit from:
• Lower interest rates
• Fixed monthly payments that may be lower
• Reduced amount of repayment
Plus, the consumer debt management companies will work with your lenders directly which means you do not have to worry about dealing with them on a day to day basis with creditor phone calls. Most programs can help you to get out of debt faster, sometimes as fast as just a few months or a few years. Remember 425 months is over 35 years! You definitely want to work with these professionals whenever possible.
For many people, consumer debt management is the best route to take. There is no doubt that you will find plenty of things to do and see in your life, but you will be limited by your debt if you do not get a hold of it now.
Debt Management Credit Counseling Corp News
Debt Management Credit Counseling Provides Payday Loan Assistance to Consumers
Debt Management Credit Counseling Corp (http://www.dmcconline.org), a nonprofit charitable organization (DMCC), announces new program to assist consumers struggling to repay payday loans. Program provides repayment plans with affordable monthly payments and suspension of collection calls. DMCC also approved by state to provide Florida residents a 60 day deferment of their loan payments ...
Read more...Student-loan debt collectors' pay criticized
Joshua Mandelman made $454,000 in a single year as a student-loan debt collector - more than twice the pay of the U.S. secretary of education . His boss, Richard Boyle, chief executive officer of Educational Credit...
Read more...Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans
Joshua Mandelman made $454,000 in asingle year as a student-loan debt collector -- more than twicethe pay of the U.S. secretary of education. His boss, Richard Boyle, chief executive officer ofEducational ...
Read more...Student-loan debt-collection agencies garner criticism
Lucrative incentives paid to federal student-loan collectors are sparking criticism that not-for-profit loan-guaranty agencies are reaping a bonanza from the troubles of former students. USA Funds, the largest guaranty agency, is based in Indianapolis.
Read more...Philip Morris International, Inc. - Shareholder/Analyst Call
Philip Morris International Inc. (PM)May 09, 2012 9:00 am ET Executives Louis C. Camilleri - Executive Chairman and Chief Executive OfficerJerry E. Whitson - Corporate Secretary and Deputy General CounselJacek ...
Read more...