What kind of interest rates and monthly payments can a DMP get?

December 30th, 2009 | by James |
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If you get into a debt management plan with a credit counselor, can they really get your credit card interest rates and monthly payments lowered? How low can they get the rates and payments down too?

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  1. One Response to “What kind of interest rates and monthly payments can a DMP get?”

  2. By Make Friends on Jan 1, 2010 | Reply

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    A “rough” estimate is that your total monthly payment would be 2% of your total balance and the interest rate just below 10%.

    You can get a referral at:
    This can be a good program…but I advise against using CCCS if your cards have completely defaulted/charged-off. - If this is the case then you are better off negotiating settlements directly with your creditors. You may be able to settle in the 25% - 50% range if your cards are already defaulted. If you settle, get all terms in writing. They will probably want a large lump sum rather than small payments over several years. CCCS will not negotiate settlements because they are funded by the credit card industry. Paying back a defaulted/charged-off credit card won’t fix your credit rating. The charge-off notation will stay for 7 years…even if you settle or pay the entire amount back in full

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