Getting Out Of Debt Homepage

Question: How much will a debt management plan save a month?

(Posted by: Takeshi on 2009-07-07 20:35:13)

I am looking into a debt management plan. We tried a home equity loan but our credit has gone down to far for it. The one that I just applied for said they save on average $125 a month....that won't cut it. Anyone have been success than that? I don't need lectures...unfortunate health circumstances put us here. We just want a better life. I would love to hear success stories!

Posted by: Mark on 2009-07-07, 20:48:44

A "debt management plan " will COST you money, not save you money; such plans are not provided out of the 'goodness of consolidation service companies' hearts ", they are convoluted juggling acts designed to make a profit from your poor money management skills. And yes, you do have poor money management skills or you would not be asking the question...health issues happen to everyone, and contingency plans should have been a part of your overall financial plan. But never mind, it's too late for that! Do not be suckered by anyone that claims they can save you money by you paying them a fee! (Go to your local library and read whatever you can find by Dave Ramsey...) Best wishes!

Posted by: Banking Goddess on 2009-07-07, 20:59:52

There are reputable debt settlement companies out there. They negotiate with your creditors. Covenant Debt Solutions attempts to get the debt reduced by half and get you out of debit in 36 months.

Posted by: MK on 2009-07-10, 08:56:56

Well i owed about 4,000 in debt and now i currently pay $130 a month. The payment is divided up and dent to each credit card company. Yes it will take a lot longer but i could not afford to pay without the debt program. Your payment is usually flexible and determined by your monthly expenses and salary. When looking for programs make sure to do proper research. I have worked with 2 companies that were horrible. I am now with greenpath and i love them. They don't harass you and ask you tons of questions about why you could not pay the bills. They understand and they are very attentive and they do what they say there going to do. I wish more people understood how hard it is to pay bills with unfortunate health but i hope i helped. Good luck!!