Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.Have a debt of approximately k with Citibank Credit Card, 162 days past due.
Anyone reading this who has not connected with a credit counseling service yet should do so. You can reach a counselor for a free counseling session at 888-317-8770.
Get an exact quote of what your monthly payment and savings will be.
If you get to a place where you cannot meet your monthly payments in credit counseling, or are not sure you can commit to a debt management plan because your income is unpredictable right now, let me know in the comment section below and we can go from there.
About Michael Bovee Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education.
I need lower monthly payments on my credit cards because I have less income from a change of job. What else can I use to compare a credit counseling program with a debt settlement program other than the lower monthly payment?
I am comparing the lower payments with consumer credit counseling services and the lower payment quoted by a debt settlement company. I know you guys do settlement and I might ask you to help me if I go that route instead of the other company who has way high fees compared to you.If you are quoted a 36 month debt settlement plan, the lower monthly payment would be 0.That would be similar to the average monthly payment using a credit counseling service.Working with a consumer credit counseling service compared to a debt settlement program will result in a stark contrast regarding elements that will matter a great deal to many of us. Debt negotiation companies and sales reps are quick to use the lower monthly payment method as a description for how settling debt is affordable.But the difference between how your now “affordable” payment with a debt negotiation approach can impact you, compared to using credit counseling, is dramatic.I've talked to them repeatedly about inability to pay, even offered settlements, but they won't budge.