You should be careful about using the Debt Management Companies. Most of them have non-profit status, but charge you fees for their service. The service they perform is something you can do yourself, especially since you have managed (you’ve done a great job) to keep your Credit Card payments from being delinquent.
I am concerned about the amount of debt that you owe. Is that all credit card balances..or does it include automobile balances. If you own a home, a refinance or second-mortgage home equity loan may be the best option. There are plenty of programs available even though you just started your new job and your Credit Score may be lower than it was before.
If you don’t own a home yet…then you will need to develop a plan to reduce the interest rate and monthly payments on your cards. You may be able to negotiate some reduced terms with your debtors.
I saw your question and thought I might be able to help. If you are talking about debt consolidation program, be sure to check them out well. If your using one of those companies that lump all your debt into one payment and then they pay it off for you, it will affect your credit.
It is not the same as getting a loan from your bank or credit union. So be sure you ask how it will affect your credit rating. In a way it’s just like filing bankruptcy and stays on your credit rating for a number of years.
To my knowledge your employer does not get informed about your debt management. If your having funds withdrawn from your check, say to go into a special account, like a savings or checking they would not have any reason to know why your doing this. Its none of their business anyway.
Hi, I’m new to this blog and I’m in Debt almost way over my head I have been searching for A answer and can’t find it so I will just ask.
In A debt management program will they contact your employer? I just started A new job for A company. I have been unemployed for over A year and have used up my savings. I have been able to stay current on my CC payments but it is getting harder to do. And which program would be best. I owe close to $70,000.
Would you suggest looking into Dave Ramsey? He’s got a good plan that you can do yourself, and you will get out of debt.