Proposed Childcare Credit Changes Could Help Families Deal With Debt President Obama has proposed to increase the child and dependent care income tax credit currently available to low and middle income families which could provide extra cash to be applied towards family debt loads. Many working parents are struggling to get out of debt and meet day to day expenses and this could help them [...]
Caution To Those Managing Credit Card Debt Designed to help protect consumers against , The Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) will take effect on February 22. While some of the more problematic practices by credit card issuers have been addressed by the CARD Act, credit card companies have been busily creating new fees and charges to replace lost [...]
Less In Taxes, More For Debt Payment The income tax season is here and this year most American taxpayers have a little more cash to help them manage their finances and get their debt paid down. The Making Work Pay tax credit went into effect in the spring of 2009 when tax withholding tables were recalculated to decrease amounts withheld from paychecks [...]
Debt consolidation mistaken for debt settlement Debt consolidation is often mistaken for debt settlement or credit counseling, but there are important differences among all three.
With a debt consolidation loan, people take out one larger loan and use the proceeds to pay off all their smaller debts. People who use these services make one, hopefully smaller, monthly payment to pay off the [...]
Will I qualify for one of the credit card debt consolidation programs?
Credit card debt consolidation is not for everyone and not everyone is truly in need of one of the programs to consolidate credit cards. The best way to find out if you will qualify for help is to speak to one of the certified counselors. He or she will review your financial situation and, together with you, decide whether or not you are a good candidate for enrollment.
Can I keep using my credit card accounts?
No. You turned to our site because you needed to consolidate credit cards and eliminate your existing debts. If you continue to use your accounts, you will be adding to the amount of debts that you are trying to pay off. In addition, if your creditors are offering you lowered payments and lowered interest rates through one of the counseling offices, they will require that you stop using your accounts while you are enrolled. We recommend that you apply for a debit card. A debit card offers the convenience of a credit card, but funds are drawn directly from your bank account.
Can I choose my due date?
The ability to choose your due date is an integral part of our programs and will help you achieve your goal. Choosing your own payment date allows you to schedule the monthly payment for a time that does not conflict with payment of other living expenses.
Will I still get monthly statements from my creditors? Yes. You will continue to receive monthly statements from your creditors. These statements are for your records and will reflect your lowered interest rates and payments made through our office.
Can I make electronic payments? Yes. We can arrange for your payments to be automatically deducted from your bank account. Please ask your counselor for and application for electronic debits.
Can you stop creditor harassment? Yes. Once you're enrolled in one of our debt consolidation programs, you may receive calls for a short time. The difference is that when these calls come, you can direct the caller to contact your counselor. This will end creditor harassment of you while you are enrolled.
Can I add more accounts after I'm enrolled? Yes. To add an additional account, contact our customer service department with the account information. You may also send the account information by e-mail.
Can I send extra money some months? Yes. If you can, it's definitely in your best interest to send extra funds with your payment. Even a small extra amount reduces your principal and will save you money in interest charges in the long term. You can also tell us where you would like the additional funds applied. If no specific instructions are given, we will apply the funds where they will do the most good for you.
Do you offer educational resources? Yes, we believe that the best defense against financial problems is education. The counseling offices offer educational information about many money management and budget planning topics. These courses help to enhance your financial knowledge by providing the fundamentals of money management.
Can I withdraw from the debt program if I want to? Yes. Participation in any of the credit card debt programs is completely voluntary and you are under no obligation to stay enrolled. Keep in mind that if you withdraw from your program, the benefits that were arranged with your creditors will end upon withdrawal.
Dedicated to helping consumers alleviate credit card debts through effective debt counseling programs.
