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Debt Management Program

March 02, 2009 | Updated on March 02, 2009
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The content is accurate at the time of publication and is subject to change.

Credit Card Issuers to Offer Debt Management Programs Nationwide

According to a study of all the latest changes in credit card terms, US card issuers continue to raise their APRs and fees and cancel rewards programs. For many consumers increased pricing means a greater struggle to keep up with timely bill payments thus avoiding debt.

But help also comes from a number of major card issuers and networks including Visa, MasterCard, Capital One, Discover among others. They teamed up to introduce a debt management program called "Help with My Credit", which educates consumers about credit and assists them in their credit card payments.

The debt management program will be sponsored through an extensive advertising campaign run on TV, in newspapers, and magazines, as well as on the Internet. People who experience problems with debt look for adequate advice or professional help can participate in the debt management program by visiting a special website or calling a toll-free telephone number which is available on that website.

This new website provides comprehensive information on how to manage credit wisely, understand one's FICO score and read a credit card statement. In addition, a participant will learn some basics on credit cards features and risks. If the participant is seriously in debt, and information provided is not enough, they can call the toll-free number to receive guidelines. The representative they talk to may offer to redirect them to a participating card issuer where they can negotiate more favorable terms as well as agree on a plan of making credit card payments.

When calling the representative, they will not require any of your personal financial information. Nor will they provide credit counseling or offer to negotiate better terms for you. What they will do is inform you on what programs are available with participating issuers and credit counselors.

The developers of this debt management program claim they are able to help consumers get back on track even if they have other debts that extend beyond credit cards.

Debt help services have been around for quite some time to assist those who find themselves in serious financial troubles. These services though are being used by more and more people every day. This is due to the new credit card pricing - higher caps for variable APRs, increased cash advance and late payment fees among other changes that make revolving credit extremely expensive for average consumer.

The "Help with My Credit" debt management program offers effective and risk free ways to help eliminate consumer debt. This is done in two ways. You are either transferred to a licensed consumer credit counseling agency or straight to your bank. If you take counseling, make sure it is a nonprofit organization and accredited by the Association of Independent Consumer Credit Counseling Agencies. The counselors will do all the necessary work and negotiation to establish a repayment plan that has more manageable rates for you. You should be prepared to make regular payments to the counselors who then send the payments to the bank.

So, if you find yourself in serious financial difficulties a good place to start is with the "Help with My Credit" program which will give adequate advice on how to communicate with your bank's representative and identify an authorized counseling agency.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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