Are you struggling to get out of debt? You know your situation is teetering on a knife edge when every month sees a new bunch of collection letters arrive in your mailbox. Don’t despair, though — there are credit management programs are designed for people in your kind of situation.
The rationale behind credit management is quite simple: to help you get out of debt without ruining your credit score. Once you join their plan, the managing agency will work out repayment terms with creditors with minimal involvement on your part. Ideally, the creditors will then suspend collections and waive/reduce penalties if necessary.
The beauty of this arrangement is that it can be tailored to your unique circumstances. The agency will look at your situation and propose a budget that takes into account your income, expenses and lifestyle. If appropriate, they’ll also provide educational resources to help you get back on track.