Considering debt management program...any advice?
I currently have a great deal of credit card debt and am considering
entering into a debt management plan. So many credit counseling firms
are out there, it's kind of mind-boggling to choose the right one.
Does anyone have any advice?
Up front, I have absolutely NO experience with this kind of situation, but
it seems to me you need to get some help from someone who will NOT charge
you for their services. If you have to pay for somebody to handle your debt
reorganization, you'll end up paying the same amount of money you presently
owe over a longer period of time, which means you'll be paying more in
interest, as well as the service fee you'll probably have to pay them up
front for their assistance.
There are agencies who do that kind of thing for you free of charge. You
just have to locate one who is willing to help you. You might start by
trying the loan officer in your local bank; if he can't help you himself, he
might be able to refer you to someone who can.