Credit Counseling
and Debt Management Plans

What is Credit Counseling?
Many credit counseling organizations are nonprofit and work with you to solve your financial problems. They offer their services through local offices, on-line, or over the phone. Try to find an organization that offers multiple solutions.

What should I expect from my credit counselor?
Your credit counselor is trained and certified in the areas of consumer credit, money, debt management, and budgeting. Your counselor will go over your entire financial situation and help you develop a personalized plan to control your finances and get you debt free.

How can Credit Counseling help me?
Reputable credit counseling agencies can advise you on managing your money, help you develop a budget, and may offer free informative materials or classes. If your financial problems are caused by too much debt or difficulty in paying your bills, a credit counseling agency may advise you to enroll in a debt management plan.

What is a Debt Management Plan (DMP)?
In a debt management plan, the credit counseling organization uses money that you have deposited with them to pay your unsecured debts, such as credit card bills, student loans, and medical bills. IRS debt can be included as well. The payments are made according to a schedule the counselor has worked out with you and your creditors.

What are the benefits of a debt management plan?
A debt management plan should lower your current interest rates, provide one monthly payment and reduce the total time and money spent on repaying the credit card balances..

Can I still use my credit cards?
Normally an emergency card is allowed while you are enrolled in a debt management plan. 30 day accounts and small balance cards normally are not included in a debt management plan.

How long will it take to complete the debt management plan?
To complete the debt management plan successfully you are required to make regular payments on time for 30 to 50 months. Your counselor will estimate how long it will take you to complete your specific plan.

Would you like us to help?

Learn more about our Debt Management Programs.

You don't need a home to qualify!