Debt Consolidation Debt Management

I earn about $ 55,000 / year and I'm currently about. $ 34,000 of credit debt only. This is not including my car and student loans and I still have to pay rent, etc. I do not want to declare bankruptcy if I did not do. I also want to stay away from consolidation. My credit is average, given that I have a high debt relative to income, but I pay my bills on time.
Today, I was told by a company they have something called debt management. I've never heard of, but they said unlike debt consolidation, where they both lower your interest rate and balance, all debt management is to get the creditor to lower the interest rates. I want to make a monthly payment to the company and a monthly fee and they make my payment for me.
At this stage I can only make minimum payments and my balance is going nowhere ... Should I give debt management to try?
What are your thoughts and please explain why or why not. They said that it will not negatively affect my credit score.

You acknowledge that you have a problem and that is always the first step. There are some debt management companies that have been cited for fraud. Be careful who you choose. Look for complaints filed with the BBB before paying for services management company debt. services debt management can be costly and can not produce the results you need.

Try the suggestions made www.MoneyExposed.com. If you are committed to reducing your debt, you do not have to spend thousands of dollars to do so.

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I do not see why not, just be wary of who or what company handles your finances. Carefully examine the issue and I do not see why it would not be an option.

This does not seem very different from debt consolidation. My advice is never pay someone to help you pay your bills, unless you are filing for bankruptcy. You can call the credit card companies and let them know you are in trouble and need your interest rate reduced. Tell them you have to consider bankruptcy if you feel the need to get your message. If a credit card company is willing to work with a debt manager, they must be equally willing to work with you. Just be honest with them and see what they will do. Most people who join the debt consolidation or management agencies get into more trouble and eventually filed for bankruptcy in the long term. My best advice is to see what you can do on your own first, and if that does not work, set up a free consultation with a lawyer in bankruptcy. They will give you all the options without cost or obligation. Good Luck.

In Canada, all companies with debt management are linked. They are very reliable. They are required by law to deposit all money received in a trust account. Entire staff is well trained and certified. They have the skills necessary to negotiate with your creditors to eliminate or reduce interest on your debt.

I have a friend who has been on debt management for almost 3 years now. He is very satisfied with their services.

In the program of debt management more, you need to repay your creditors within 5 years.

I do not know if you are a Canadian or American citizen. Even in the United States, most companies debt management are highly regulated. They are very reliable. If you're worried, talk to your local credit bureau.