A Debt Management Plan Can Help To Ease Your Financial WoesThe rise of unemployment is causing many savings accounts to greatly suffer. Households are nervous, wondering what the next day will bring. One unexpected emergency can send teetering finances over the cliff and begin a financial tsunami. Fear is the result of feeling powerless to our circumstances, often because we do not have a plan for the what ifs in life. What if I lose my job? What if my spouse loses his job? What if my child gets sick before our medical insurance kicks in? With these concerns, it is important to devise your own bailout in the form of a debt management plan that will help you overcome any type of major financial challenge. Before you decide to tackle your financial concerns with a debt management plan, there are a few things recommended by consumer protection agencies that you should consider. The worst thing is to find out that you have been taken advantage of at a vulnerable moment simply because you did not know what to do. A reputable credit counselling company will employ certified counselors in consumer credit, money and debt management issues who are capable of advising you wisely, based on your unique set of circumstances. Be aware that some companies will charge fees for their services. Make sure you know how much goes to the company and how much is actually paid towards your debt. Basically, you are required to deposit money based on a previously agreed amount with the credit counseling company. This money is used to pay down your debt such as credit cards, medical bills, student loans, or any other type of unsecured debt. The company works out a repayment schedule with your creditors and makes these payments on your behalf. In some cases, creditors will agree to charge a lower interest rate or even waive certain fees because you have entered into a debt management plan. In all cases, you should protect yourself against possible fraud. Even though the credit counseling company has negotiated a payment plan with your creditors, you should contact them directly to ensure that each creditor has agreed to the terms and conditions proposed by the credit counseling agency, and that payments are being received. Once you have confirmed that the creditors have accepted the debt management plan, it is important that you make your payments consistently on time. You are developing a track record to improve your financial position and should not allow old habits to hurt your chances.
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