Debt Management Services

How Debt Management Services Work

Managing debt is difficult to do on your own. Debt management services help people assess their spending, get control of their debt and work out a manageable repayment plan with their credit providers. There are several different types of debt management services available in Bivalve MD, but they all have these elements in common. Here's how a Bivalve MD debt management services company can help you get into a better financial situation.

Personalized Strategies to Suit Your Circumstances

You and your neighbor may both have the same level of debt and even owe the same companies but still require very different repayment plans. The best [statetitle] debt management services will work with you to design a debt management strategy specifically tailored to take your needs and circumstances into account.

Assess Your Situation

The first step a debt management company will take is to assess your current financial situation. Depending on the company, you may complete forms online, speak to a debt counselor on the telephone or meet in person with a debt management counselor. Knowing where you stand is the first step in any debt management and repayment plan. To that end, any company that provides debt management services will need to know your current take-home income, how much you owe on each of your debts, what interest rates you're paying and a list of your other monthly expenses. The debt management services counselor may also check your credit report to see where your current credit score stands.

Decide on a Debt Management Services Plan

The credit counselor will be able to tell you immediately if you qualify to enroll in their debt management services programs. At that point, the counselor will be able to tell you how much you'll have to pay each month to start bringing your current debt down. Most companies that offer these services can get you interest rates between 6 and 10 percent, and often reduce your monthly payments by as much as 50 percent. In most cases, you can be debt-free in 36 to 60 months.