Also referred to as Debt Consolidation
This program is designed to help individuals who have greater than $5000.00 in Credit Card Debt,
have high interest rates and realize they are now in what is commonly referred to as a “Pay for Life Program”.
The Non-Profit Credit Card Consolidation Program
will allow you to make one
monthly payment at reduced interest rates
and have the debt
paid in full, generally, in less than 5 years.
Also, creditors will generally waive overlimit fees and reage the account (bring it current
if you were behind”) after a period of 3 to 6 months of being on the program. It is not unusual for your present monthly payment to be slightly lower in a Debt Management Program than your current payments combined.
This program is voluntary, there is no prepayment penalty and your participation is not a scoring component of your credit score.