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What kind of interest rates and monthly payments can a DMP get?
Posted by James on December 30, 2009 in Home Loans | ∞
russell h
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?
Wine Gifts
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?
Wine Gifts
1 Comment
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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%.
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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