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The terms used to describe the various debt relief programs often sound similar and can be confusing. Nevertheless, all credit card debt programs have the same goal: Reducing your monthly debt load and getting you out of debt as quickly and painlessly as possible.

Below are answers to questions we frequently receive about credit card debt programs, including debt management, debt relief, debt settlement, debt modification, debt consolidation, bankruptcy, credit card debt, negotiations, and more. If your question does not appear below or you would like additional information, please contact us and we will schedule a consultation.

Debt Management: This is a program for those who can afford their debt but are struggling with high interest rates. Debt management serves to reduce high interest rates on existing credit cards, loans, and other debt, helping to reduce monthly outflows. Learn more.

Debt Consolidation: A form of debt management, debt consolidation is another term for bundling debt into one monthly payment which carries a reduced interest rate, and a lower monthly payment.

Debt Modification: For those whose debt is unmanageable, this debt relief program evaluates your existing credit cards, loans, bills, and income sources, negotiates down balances with creditors (debt settlement), and results in monthly payments that are more affordable. Learn more.

Debt Settlement: The negotiation phase of debt modification, debt settlement is a process between your debt management company and your creditors involving back-and-forth communication in an effort to substantially reduce your outstanding balances. The Debt Management Group has many examples of highly successful debt settlement outcomes.

Settlements: The term used when a creditor has agreed to a reduced amount as payment in full for your debt (aka debt modification). View recent settlements.

Bankruptcy: The legal declaration of an inability to pay creditors that has a long lasting negative impact on your credit rating. The Debt Management Group focuses on alternatives to bankruptcy that won’t negatively impact your credit rating for seven to ten years.

Debt relief can be achieved in many ways. While the terms related to credit card debt programs may sound confusing, and their names have changed over the years, all debt programs have the same goal: Reducing your monthly debt load, and quickly getting you out of debt.

The Debt Management Group specializes in carefully analyzing your finances and recommending the best course of action to achieve sustainable debt relief. While the average debt relief program length is 30 months, this could be reduced to as little as three months for those who can pay their debt faster or come up with a lump sum at the onset.

Yes and no. You can always try to do this yourself but you may not be able to achieve the same results as a professional debt relief company such as The Debt Management Group. Credit card debt programs require a great deal of networking, skill, patience, perseverance, and long hours to settle just one account. Put another way, if you were in trouble with the law, would you represent yourself or hire a good lawyer?

Utilizing our extensive questionnaire and many years experience as financial consultants and advisers, all necessary homework is done up front, resulting in a sound debt relief program that is customized for your individual lifestyle.

Anyone who is in debt and having financial trouble may qualify for a debt relief program. However, please remember that there are many factors which could disqualify you from any of the programs offered by the DMG. Income, assets, and the actual creditors you have will determine the correct and best relief program for you. Contact DMG to learn more and schedule a consultation.

The professionals at The Debt Management Group will never advise you not to pay your debt. If you can afford your payments but are struggling, you might benefit from a debt management program; alternatively, debt settlement programs are for those who truly cannot afford their debt.

Yes. Though we cannot speak for the creditors themselves, we have seen credit repeatedly extended to those who implement credit card debt programs to settle or modify debts.The Debt Management Group program offers guidance that will help you to carefully spend your money and budget for the future without overextending yourself.

This amount is written off. When it comes to debt modification, in the creditor’s eyes, agreeing to reduce the debt is a better bargain than running the risk of not getting paid at all. In debt management cases, only the interest rate is reduced and, again, this is a concession the lender makes in order to salvage the debt.

Yes. Lenders will close your accounts when settlements are reached.

Since You will no longer be making payments to your creditors Debt Settlement will negatively Affect your credit.

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