Financial trouble is one of the foremost stress factors in anyone’s life. However, if you are in this situation, there are options available to help you. One such option is enrolling in a debt management plan with a reliable agency. They will most likely provide you with the best options for getting out of debt. However, do you understand the cost of a debt management plan? Let’s break it down!
True Cost of a Debt Management Plan
Your financial strains are likely to guide you in the wrong direction to look for solutions. Therefore, before you make any hasty decisions, take the time to research the true cost of credit counseling. There are a number of agencies that are out there. Therefore, you need to do thorough research on the cost of a debt management, or debt consolidation plan to select the right agency that works for you. Here are some crucial points to look for when determining the best agency.
- What are the fees? Are there any setup fees and or monthly fees? Be sure to get a specific price quote from the counselor.
- Most agencies are subject to state law and can charge no more than the maximum allowed within your state. Make sure you ask the counselor the specific regulations for your state.
- If you are unable to afford the fees of the agency, the agency should be willing to waive the fees if you simply can’t afford them.
- Be sure the agency is charging you reasonable fees (not more than $50/month for a debt management plan), but this can vary by state.
- If the agency asks for a voluntary contribution, you may want to consider another agency. There is no such thing as a voluntary contribution.
- Does the agency charge for educational programs and ongoing education? Be sure the agency is willing to provide you with educational materials and resources to help you learn how to manage your finances. The agency should also be able to provide you with ongoing counseling and education at no charge.
If you are looking for help with debt consolidation speak with a certified counselor at ACCC today. Call 800-769-3571.