Debt Management
What Does a Debt Management Program Cost?
You should look for a company that is a non profit organization and most
importantly make sure you check out their BBB, (Better Business Bureau),
information to ensure that it is a legitimate company.
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What does it cost to get out of credit card and consumer debt? Debt management
programs ask for a one time enrollment fee for enrolling you into one of their
programs.
They base this enrollment fee on the amount of debt you have and the hardship
that you have been through. The fees generally range from $400-$1,500. Compared
to other industries, debt management and credit counseling have some of the most
affordable enrollment fees. Debt settlement and other similar companies usually
charge 14%-18% of the balances that you owe. For example if you had $10,000
worth of credit card debt you could go to a debt settlement company and be
charged over $1000. With Debt Management or Credit Counseling you would expect
to pay around $600 for program and it is a government regulated industry. The
fees are lower with debt management because it is a government regulated
industry. Debt settlement is NOT a government
regulated industry, at this time.
The best way to take care of the enrollment fees is to throw the charge on a
credit card or an account that you are already including and closing in the
program. Even with a maximum fee of $1500, it would only add $30.00 extra to
your program’s monthly payment.
The enrollment companies that help get you into the debt management programs are
usually not non-profit
organizations - the truth is they are licensed enrollment agencies for a
non-profit organization. They enroll you onto a debt management program and the
non-profit organization is the one who will work with you and take care of you
through the remainder of your program.
These non-profit organizations also are required to give you educational
materials to help you become more aware, to help you stay out of debt , increase
your income, create budgets and even information on retirement planning, just to
name a few. Also a requirement for these non-profit organizations is to show you
a savings on a daily basis. They usually include a membership savings card that
you can use everyday to help you save money on medical insurance, dental, legal
services, home utilities, food, traveling, car repairs and shopping.
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