15. Why is a Debt Management Program superior to Debt Settlement?

Q: 15. Why is a Debt Management Program superior to Debt Settlement?

Debt Management Program 501(c)(3) nonprofit Max $75 monthly fee Existing relationships with creditors Creditors continue to be paid, building a consistent payment history Credit score not negatively impacted Lower interest rates and waived penalty fees Pay back all of your debt Debt Settlement For-profit Hundreds in start-up fees $$ Creditors generally refuse to participate Informed to STOP paying your creditors Credit score ruined Original debt doubles or triples Owe taxes on “forgiven” debt

Debt Management Program

501(c)(3) nonprofit
Max $75 monthly fee
Existing relationships with creditors
Creditors continue to be paid, building a consistent payment history
Credit score not negatively impacted
Lower interest rates and waived penalty fees
Pay back all of your debt

Debt Settlement

For-profit
Hundreds in start-up fees $$
Creditors generally refuse to participate
Informed to STOP paying your creditors
Credit score ruined
Original debt doubles or triples
Owe taxes on “forgiven” debt

Published On: May 16th, 2024 / Categories: Common /

15. Why is a Debt Management Program superior to Debt Settlement?

Freedom from debt is a process.

Let’s get started.

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15. Why is a Debt Management Program superior to Debt Settlement?

Related Faqs

18. What states are Christian Credit Counselors licensed in?

17. How do I contact Christian Credit Counselors to enroll in the Debt Management Program?

16. Why should I enroll with Christian Credit Counselors?

14. Why is a Debt Management Program superior to Bankruptcy?

Freedom from debt is a process. Let’s get started.

Resources

Company

Freedom from debt is a process.

Let’s get started.