Handling Debt on Your Own

If you are disciplined enough to develop and stick with a budget and payment plan, you may be able to correct your financial situation on your own. We have researched self-guided repayment plans, discovered the art of carefully planned balance transfers and developed strategies to reduce interest rates. If you are already falling behind on payments though, you may need additional assistance.

Managing debt can be a challenge, especially when you begin falling behind. Many people find it difficult to stop using credit cards. The first step though is to see if you can get by without using credit. If not, you may need to seek help immediately.

Using a Debt Management Plan

A structured debt management plan (DMP) can be designed by a credit counseling agency to help you regain control. Credit Counselors have established relationships with many creditors which can bring benefits to help you. A credit counselor serves as a liaison, representing you and the creditor, so that a compromise on payment amounts, interest rates and fees can be reached. Repayment through a debt management plan can improve your damaged credit over time and it can help you avoid the negative effects that debt settlement, judgments and bankruptcy have on your credit score. A DMP can help you eliminate credit card debt in less than 5 years. Benefits of a DMP can include:

  • Reduced, consolidated monthly payment

  • Late and over-the-limit fees waived

  • Reduced interest

  • Re-aging of past due accounts to reflect current status

  • Faster repayment of total unsecured debt

DMPs do not include secured debt, such as mortgages, auto loans or title loans. Collection accounts and medical bills can normally be added, but the benefits are rarely as generous as those normally provided by most creditors.

We recommend the following credit counseling organizations that we understand to be in good standing: Search for agencies

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