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Debt Management
Case Studies

Antonia is from Pomona, CA and in October 2008 she owed $13,325 to 7 different unsecured creditors. Her average interest rate was 27%. Her monthly minimum payments were $515. Her FICO? score was 482.

A debt management plan was set up for her with a consolidated monthly payment of $417, at an average interest rate of 24 %. Her plan will take 5 years to pay off. After just over a year on the plan, her FICO score? rose to 566.

The concessions granted by Antonia?s creditors lowered her monthly payment by almost $100, and dropped her average interest rate by from 27% to 24%. Plus she?ll repay her entire debt of $13,325 in five years. Also, her credit score rose 84 points after 13 months of making regular DMP payments.

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 Settlement

A guide to understanding how to safely handle excessive debt



Debt Settlement Programs

If you feel that your debts have gotten out of control you can attempt to negotiate a debt settlement. A settlement involves negotiating with the original creditor to repay a debt at an amount less than the full balance owed.
How debt settlement programs work »

Pros and Cons of Debt Settlement

A large industry has arisen to provide debt settlement negotiation services, and their advertisements make settlement seem like a very appealing option. However, there are many pros and cons to be aware of when considering debt settlement.
About the Pros and Cons »

Safer Settlement Alternatives

If the potential risks of debt settlement concern you, then consider some of the alternatives to debt settlement that present less risk.
About the Settlement Alternates »

Talk to a Debt Counselor

Before you decide on a course of action, take advantage of a free credit counseling session from a certified nonprofit counselor, who can help you understand all of your options.
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