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Debt Management
Case Studies

Henry called in from Columbus Ohio in October 2008. He owed 9 different creditors a total of $10,254 at interest rates ranging from 21%-29%. His monthly minimum credit card payment was $366, which he would have had 5 to 20 years to repay his debts. His FICO score? was 476.

Being put on a debt management plan gave him a minimum monthly payment of $376 at an average interest rate of 12%. His plan will take 3 years to pay off. As of November 2009, his credit score had risen to 579.

Henry is benefitting from his interest rates lowering to an average of 12%, allowing him to pay off his debts much faster. By paying only $10 more than his previous minimum monthly payment, Henry will pay off over $10,000 in debt in 3 years instead of 5 to 20. Also, his credit score went up 103 points after the first 13 months of his 3-year plan.

Note: This is an actual Springboard DMP client. The client?s name and possibly location has been changed to protect their privacy. Read More Debt Management Case Studies >>

Debt Counseling Services

Non profit debt counseling and debt relief services

Debt counseling services are a crucial first step for anyone seeking debt relief. A qualified nonprofit credit counselor can help you explore all of your options and make an informed decision. Credit debt counseling is provided by certified agencies that typically have a COA Accreditation and are certified by the National Foundation for Credit Counseling (NFCC). Nonprofit agencies offer credit counseling for free in person and by telephone, and you can even get started right here on this website. A counselor will spend time with you, one-on-one, to review your unique situation and give you a customized plan of action to help you obtain your financial goals.

Debt relief programs

  • Complete Financial Analysis

    By providing some basic information about your expenses and income, a certified counselor can help you determine what solution best fits your situation. You?ll explore strategies for reducing your expenses where you can, temporarily increasing income, or better organizing your financial life.

  • Credit Score Evaluation

    Qualified credit counselors are also certified consumer credit report reviewers, and they can help you understand your credit report and what you can do to improve your score over time.

  • Debt Management Plan

    A Debt Management Plan, or ?DMP?, offered by a nonprofit debt counseling service offers a healthy form of debt consolidation that is intended to pay off your credit card debt in less than five years.

    • Debt consolidation: a DMP can combine all of your monthly credit debt payments into one convenient payment each month. You send in one payment to the counseling agency, which is then disbursed to all of your enrolled creditors.
    • Reduce Interest rate: Most creditors cooperate with certified counseling agencies by offering you concessions, like reduced interest rates, re-aged accounts, and waived late payment fees. This, along with possibly lowered monthly minimum payments, helps make your monthly DMP payment affordable.
    • Long term credit score impact: You will be making a consistent payments each month?over time, this series of payments made on time and in full will help re-establish a responsible credit history to prepare you for a healthier credit life after the DMP.
  • Real Life Examples of People on a Debt Management Plan

    To get an understanding of how some average people have successfully used a DMP to climb out of excessive credit debt, read these debt management case studies.

Talk to a certified credit counselor

To get your credit debt counseling session started right away, call (800) 294-3896 to speak to a certified nonprofit credit counselor and find out how to get debt relief. You can also schedule a priority appointment right here on this web site by filling out the form on the right-hand sidebar near the top of this page.

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