Credit Counseling
Why do I need Credit Counseling and/or Debt Management?
In some cases, you can negotiate with creditors on your own to arrange
payment or have positive information reported to a credit bureau. However,
to get the benefits of lowered monthly payments, lower interest rates,
stopped late charges, and waived over the limit fees, you need DebtWave's
credit counseling and counselors. As a non-profit organization, DebtWave's
credit counseling and counselors can secure you these benefits not usually
available to credit consumers.
Got
Too Much Debt? Get Help Here!
Debt management is an opportunity to pay your bills while getting the
"breathing room" from your creditors to establish a budget that
you can live with. Debt management plans can reduce your payments, re-age
your obligations to improve your credit standing and even reduce or eliminate
the interest on your debts.
Is debt management better than bankruptcy?
Debt management is a great alternative to bankruptcy. In bankruptcy you
may have to go to court, have your personal property taken or sold and
it will follow you on your credit report for up to ten years. Debt management
allows you to repay your debts in a reasonable period of time with payments
that you can afford.
Why can't I set up my own debt management program?
Credit counselors work with creditors across the nation to make a win-win
situation. In a debt management program, you "win" because you
get a new payment schedule that you can afford on your budget and the
creditor "wins" too because they get repaid. When your creditors
agree to change the terms of your original credit agreement through a
debt management program, they know that you have had a professional budget
review and are committed to making the new payment schedule work.
What if I can't pay my bills even in a debt management program?
Some consumers find that they are so deep in debt that not even a debt
management program can help. Bankruptcy should only be considered as an
absolute last resort! If you have questions about whether or not to file
bankruptcy, be sure to consult with a credit counselor to determine if
you can qualify for special bankruptcy-prevention programs.
Why do some organizations say that they're "non-profit"
or "not-for-profit"?
"Non-profit" and "not-for-profit" both have the same
meaning. A "non-profit" or "not-for-profit" organization
has been certified by the Internal Revenue Service as performing a public
service function by helping individuals and families control their debt,
keeping them out of bankruptcy and creating workable budgets. A "non-profit"
or "not-for-profit" organization does not have owners and does
not provide profits to shareholders like corporations.
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