Bankruptcy vs debt consolidation, which one is right for your current debt problems?

As the famous saying goes, “If you fail to plan, you plan to fail.” The key to managing your consumer debt is to make a debt management plan. Debt management consumer counseling can help you make a debt management plan that is right for you.

Debt Management Plan Benefits

There are several benefits to establishing a debt management plan through consumer counseling. First, you repay your debts at reduced interest rates, with lower monthly payments. Second, you make just one payment to the debt management consumer counseling agency. The agency makes the payments to your individual creditors — no more writing checks to the companies that used to make irritating calls to you at work. With a debt management consumer counseling agency, you’ll never have to deal with them again.

Debt management consumer counseling agencies also use automatic deposit services for their payments, so you don’t even have to write a check to them. It can’t be much easier than that for you to keep your debts paid on time.

Perhaps the biggest benefit you gain from using a debt management consumer counseling service is peace of mind. You can start answering your phone again, and leave your car parked in the driveway all night without worrying that it’s going to be repossessed.

How Debt Management Consumer Counseling Works

First, you need to contact the service and apply for counseling. Counselors are available 24/7 to provide financial guidance counseling to you. If you would rather not talk to a counselor over the phone, you can start an online counseling session over the Internet. You will be asked to provide certain information, so have it handy before you call or go online.

Information You Need to Provide

You’ll be asked to give your name, address, date of birth, and contact information. If you use more than one email address, decide which one you will us for communication with the debt management consumer counseling service.

You also need to provide information about your creditors. This is a scary step for most people who need credit counseling. That number the grand total of all your debts is a number you have been lying to yourself about and avoiding for months, or possibly even years.

You must overcome this fear before you can get help. Get out all your credit card statements, even the ones you haven’t opened yet. Make a list of each creditor, the amount owed, and the minimum monthly payment.

About the Author:

For more information about debt management please visit my website at Debt Management - Debt Management Plan and Advice

Benjamin Brook | Debt Management |

Tags: Debt Management, popular bankruptcy information

A Free Gift For You!

As a way of saying "Thank You" for visiting this site here's a free gift for you. This money saving eBook is worth $17.

About this eBook: Are you wasting money? Chances are there are ways that you can easily cut back on your unnecessary spending and you won't even notice a difference. Simply learning about these techniques is the first step to making changes to your finances. We asked money experts what their best tips are for trimming the fat from the average person's budget and here are their suggestions. Click here to download this free eBook. This is a time limited offer and the download link can be taken away without notice. No sign-up form to fill-up, no email address to give, just plain free download!

You might also like to read these recommended articles

• Understanding Debt Management And The Other Related Options
  Debt Consolidation, debt management, bankruptcy, credit repair and debt counselling are often intermingled and sometimes confused in terms of who they apply to and in which situations that are actually relevant. There are in fact a variety of differences in these terms that people really need to be aware of.
  
  
• Helping you Make a “Get Out of Debt” Plan
  When you have an overabundance of debt, it's natural to want to get rid of it as quickly as possible. Interest costs can really add up, and having too much debt makes it difficult or impossible to take on debt for things you need. But when we're faced with more debt than we can handle, it is important not to panic.
  
  
• Is Declaring Personal Bankruptcy the Step You Need To Take to Get Out of Debt?
  Personal bankruptcy is not the only alternative to getting out from under mountains of debt. Consider it a last resort. It will follow you for seven years on your credit report and forever as a federal court document. Court documents are open to the public.
  
  
• Debt Management: Pros & Cons
  Anyone who knows something about debt probably knows something about debt management companies -- professional firms who will manage an individual's debts on their behalf. This article takes a look at the pros and cons of debt management in terms of three topics close to any borrower's heart: saving money, reducing stress levels and protecting credit rating.