How Scary is Your Credit Card Debt?
Repaying credit card debt can cause a lot of stress on a household. With low minimum payments and high-interest rates, your debt payoff may take years. Fear not! CCCS offers a debt management plan. Nerd Wallet has a great article about Debt Management Plans (DMP) that reduce interest, payments, and time.
A DMP is an arrangement where your pay your debt through a non-profit, third party (CCCS) to receive lowered required payments and interest rates. A DMP is NOT a settlement with your creditors. You will pay off the full amount you owe plus a smaller amount of interest. Most creditors close the accounts, but if you are current on your payments to the creditor you will remain current on your credit report. A DMP is usually 2-5 years and can have a positive impact on both your budget and your credit. Each creditor has its requirements for a DMP, but all major credit card companies work with CCCS.
How Scary is Your Credit Card Debt? If you are dreading your current plan for debt repayment, set up an appointment with one of our certified staff to discuss a DMP as well as other debt repayment options by calling 912-691-2227. You will always be the one to decide what is best for your household and financial goals.