From Debt to Savings: How a DMP Frees Up Your Money
Struggling to save money while dealing with debt? You’re not alone—and there’s a solution.
Can a debt management program free up money so you can start saving?
Yes, and at the end I’ll show you how you can find out in under a minute. It all starts with a debt management program. So, let’s talk about how it works.
High interest is usually what holds you back from making a dent in your debt. Credit counselors can negotiate lower interest rates, often down into single digits. Our trained counselors are experts at working with your creditors to get these rates reduced. Remember those credit card companies would rather get back what you owe instead of nothing at all. After negotiating lower rates, all qualifying debts get rolled into one predictable payment. That means you can stop juggling multiple bills and due dates.
On top of lower rates and easier payments, a DMP gets you out of debt much faster than with minimum payments alone. We can free you from wasting money on interest so you can make real progress.
The type of debt that qualifies for a debt management program depends on your situation. One of our counselors will walk you through this during your debt analysis. Now that you understand how the program works, let’s review a sample scenario.
Someone with about $24,000 in unsecured debt might move from several high monthly payments to one predictable payment. In this case, our DMP could save this new client over $200 a month and get them out of debt 27 years faster than if they just made minimum payments.
That’s right, 27 years. Now, how did we figure that out so fast?
With Consolidated Credit’s debt management calculator, many of our clients have reduced their total credit card payments by roughly 30 to 50%. A free counselling session will walk you through your calculator results and explain fees and expectations.
Our counselors help you decide the right balance between paying down debt and keeping your savings on track.
