January 16, 2015

A Debt Management Plan

Once you make decide to get out of debt, you likely feel anxious to see your goal come to fruition as quickly as possible. Debt can weigh you down on many levels. Debt sometimes causes arguments, increases stress and depression for some people. By getting credit counseling on your own or with your spouse, you can achieve balance.

According to a report by ABC News, one way to get out of debt fast is to get a consolidation loan. If you are dealing with a lot of debt at high interest rates, an even better solution is a Debt Management Plan that consolidates your debt. At Christian Credit Counselors, we help clients consolidate their debt and make one easy monthly payment to satisfy all of their creditors.

Knowing your target date

By consolidating your debt with a Debt Management Plan, you know exactly when you will pay off your debt. A trained and certified credit counselor will tell you when your last payment will be so you’ll have a debt-free target date. You can use that target date to plan for other financial goals such as saving up for a wedding or special event. If you have a car loan or student loans that aren’t included in the debt consolidation, you can still work toward paying off those debts at the same time.

Lowering your interest rates

The reason you will be able to pay off your debt faster with debt consolidation is because your credit counselor will go to bat for you to get your interest rates lowered by credit card companies. Once the experts at Christian Credit Counselors negotiate with the credit card companies, you’ll be pleasantly surprised by how quickly you can knock out your debt and how much money you’ll save in interest payments.

Confronting your debt

Some experts suggest people try a balance transfer to deal with credit card debt. Moving money from one credit card to another may seem like a good idea when you are trying to save on interest, but most people end up with more debt instead of less debt. With credit counseling, you learn how to budget, plan and save so you don’t rely on credit cards. Without counseling, you are likely to run up your old credit card so you have double the debt.

The nice thing about receiving help from Christian Credit Counselors is you won’t feel judged. No one is there to criticize your spending habits or judge your life circumstances. Armed with information about how to improve your credit score and budget, you walk away feeling empowered. At Christian Credit Counselors, work for you to lower the interest you pay on your credit cards.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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