It is no secret that a structured debt management program, also known as a consumer credit counseling program, can
have significant benefits to consumers trapped in “pay for life”
credit card debt. Pay for life meaning locked into extremely
high interest rates and high minimum payments and nuisance fees,
making it virtually impossible to pay down the debt.

Unfortunately, many consumers have faied to qualify for
such programs because their income was simply not high enough
to meet the new minimum payment requirements.The good news is
recently the National Institute for Credit Counseling has approached
the major banks, including, Bank of America, Chase, Discover and Amex,
to lower their minimum payment requirements in order to qualify
more consumers.

The banks are agreeing to do so. Minimums in such programs are based on a percentage of the balance at the time of enrollment, For example, a credit card bank might charge 2.5% of the balance. Which would mean that a consumer would enter the debt management program with a payment of $250.0 for this card. New terms may go as low as 1.75% or 2%, which would provide a significant savings to those cash strapped consumers really needing help.

If you are in such a position now would be an excellent time to explore what a debt management program can do to help you escape the oppression of debt. If you are in a debt crises and cannot afford even a debt management program, you might want to consider a formal debt settlement program.

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Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
Help@americandebtenders.com
877-766-2465