For those facing unmanageable credit card debt, ClearPoint Credit Counseling Solutions’ Debt Management Program is often a welcome solution. (A Debt Management Program is also referred to as a Debt Management Plan or a DMP.) Many of our DMP clients have tried and tried on their own, but have not been able to get control of their debt.
The program gives participants a personalized, structured, repayment plan to address each creditor’s requirements. Unlike a bankruptcy or debt settlement, our clients repay 100% of the original debt over several years. Among other things (see a full list of the benefits of joining a DMP), a major advantage of paying down debt through our Debt Management Program is reduced interest rates and fees which allows clients to direct more of each monthly payment to principal debt–speeding up the total repayment time. With a set plan, provided it’s followed, there is no doubt when the debt will be paid off. The goal is clear.
Once you’ve decided to sign up, ClearPoint acts as a mediator on your behalf with each of your creditors to lower your monthly payments and reduce the interest on your debt. We may also be able to get your late charges and over-the-limit fees waived. Every creditor is different and will agree to different repayment terms. You may ask your counselor what concessions each of your creditors may be willing to make prior to joining. Our DMP clients enjoy the peace and quiet that comes when debt collection agencies stop calling at all hours. Other benefits include reduced stress, a shortened payoff period and only one monthly payment on their credit cards.
Once the terms are ironed out, you will make payments to ClearPoint and we electronically disburse them among your creditors. Provided that you follow the plan, this convenience saves you time and money and assures payments are not made late. You make the designated payments until your debt is paid off. Should your circumstances change or you hit a rough patch, you may contact your credit counselor for follow up appointments to reassess your situation.
To see if your financial situation makes you a good candidate for the DMP, seek a free credit counseling session. During that conversation with your credit counselor, you will receive guidance to help you determine your best debt repayment option–be it a DMP or another debt repayment method.
Call us at 800.750.2227 (CCCS) today to make an appointment for a credit counseling session, your first step in learning if you are a good candidate for our debt management program. You may also fill out an application online now.