Non Profit Debt Management Companies

Your debt management consultant might recommend a debt management plan. These types of plans are a good option if you have a significant amount of unsecured debt. Many consumers have unsecured debt with high interest rates that make it seem impossible to ever get ahead. If you are making minimum payments and seeing your balances stay the same month after month, your debt management consultant will work with your creditors to reduce your interest rates and stop harassing collection calls.

Consumers on CredAbility’s Debt Management Plans Repay Record Amount in 2010

National Nonprofit Credit Counseling Organization Says Consumers Paid Down $122 Million in Debt in 2010, Most Ever in 47 Years

ATLANTA, GA – Consumers are using Debt Management Plans more than ever to get back on their feet financially. CredAbility reports that in 2010, 27,818 consumers participated in its Debt Management Plans (DMP) and paid back more than $122 million to their creditors. The $122 million is a record for the 47-year-old nonprofit credit counseling organization, and a three percent increase from the $118 million paid back in 2009.

“Many consumers are deciding to take control of their financial lives by working with their creditors to pay down their debt, even if it takes 36 months or longer,” said Vicki Williams, vice president of Debt Management Plan Services for CredAbility. “They realize that this is a more responsible way to reduce debt and rebuild their credit compared to debt settlement or debt consolidation services offered by for-profit companies.”

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