Whether through emergency spending or poor choices many Americans find themselves overwhelmed by the amount they owe on their personal credit cards each month. This can be a scary situation and often requires help to overcome.
If you are having a hard time paying on your credit card statements each month, you might benefit from debt consolidation. One particularly helpful type of personal debt consolidation is a debt management plan. This type of plan is offered by many companies and can allow you to get out of your debt in a matter of a few years.
Unlike debt consolidation loans, debt management plans allow you to maintain your original accounts. Instead of having a high interest rate like debt consolidation loans, debt management plans will actually cut the amount of interest you pay. They allow you to benefit by being accountable for the payments you make as well as lowering the fees you pay on those accounts. You will pay one monthly payment to the debt consolidation company who will distribute the funds according to the plan you have set up with them.
Personal debt consolidation agencies can also help you by providing you credit counseling to determine what solution is your personal best. They can show you how to create a reasonable budget as well as determine how much you could save by using a debt management plan versus handling your debt personally. They can walk you through the tough financial situations that can seem so overwhelming.
Know that there are those who are willing to help you as you seek to overcome your rising personal debt. As in most things, the sooner you get help the sooner you will obtain a solution. Knowing who to call for help will make all the difference in whether you choose the best option to meet your needs.
Instead of calling the big debt consolidation companies that you see advertising on television, consider working with a reputable credit counseling agency that you can visit in person. This personal approach to debt consolidation also will include discussions on other possibilities besides debt consolidation. It will include financial counseling that takes into account all of your debt and how you can best handle your debt based on your own personal situation. Consider meeting with a reputable credit counselor today.
Ronnica Rothe graduated Magna Cum Laude from the University of Oklahoma. She is currently enrolled at Southeastern Seminary in Wake Forest, NC.
She is a regular contributor to educational information disseminated through Personal Financial Network. Related information can be found to lower credit card interest rates