State And Municipal Debt: Tough Choices Ahead (Part 1 of 3) ? House Oversight Committee ? 2011-04-14 ? House Committee on Oversight and Government Reform. Witnesses: Panel I: The Honorable Scott Walker, Governor, State of Wisconsin; The Honorable Peter Shumlin, Governor, State of Vermont. Panel II: Dr. Andrew Biggs, Resident Scholar, The American Enterprise Institute for Public Policy Research; Mr. Mark Mix, President, National Right to Work Legal Defense Foundation; Dr. Robert Novy-Marx, Professor of Finance, University of Rochester Simon Graduate School of Business; Dr. Desmond Lachman, Resident Scholar, The American Enterprise Institute for Public Policy Research. Video provided by US House of Representatives.
Question by lauren london: Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why?
I make about $ 55,000/year and I currently owe approx. $ 34,000 in credit debt alone. That?s not including my car and student loans plus I still have rent to pay etc. I do not want to file bankruptcy if I don?t have to. I also would like to stay away from consolidation. My credit is average considering I have a high debt to income ratio, but I pay my bills on time.
Today, I was told by a company that they have something called debt management. I?ve never heard of that, but they said unlike debt consolidation where they lower both your interest rate AND balance, all debt management does is get the creditor to lower the interest rate. I would pay a monthly payment to the company and a monthly fee and they would make my payment for me.
At this point, I can only make minimum payments and my balance is going nowhere?Should I give debt management a try?
What are your thoughts and please state why or why not. They said this will not negatively affect my credit score.
Best answer:
Answer by nljth123
I?ve used a debt management program from CareOne Credit. It was the best thing I?ve ever done. They worked with my creditors, reduced my interest rates and consolidated all of my debt so I only had to make a single monthly payment. I was able to pay down about $ 10,000 in debt in three years. It helped me become disciplined about managing my bills and credit and forced me to stop using credit cards.
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