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DebtCafe works on your behalf directly with your creditors to create the perfect repayment plan for your situation. Since DebtCafe services some non-profit agencies, creditors are willing to offer our clients numerous benefits, such as:
(Each initial repayment plan is subject to adjustment based on creditors' individual requirements. Your counselor will notify you when a larger payment may be required to satisfy creditor's needs. There is no industry standard governing what benefits creditors will extend to clients, so every repayment plan depends in part on the creditors involved.)
As a result of the benefits that we can achieve for you, you will be able to pay off your debt in much less time than would be possible on your own.
Our average client maintains a $10,000 debt with an 18.5% interest rate. Without debt consolidation, by paying the monthly minimum payment, it would take at least 32 years and $24,500 to pay off the original debt.
With a debt consolidation program that same average client's debt will be paid off much sooner: usually 3 to 5 years, even with the reduced monthly payments!
How? Interest rate reductions, consistent on-time payments, and reduced late charges work together to effectively shrink the total balance owed. Before a client joins a debt consolidation program, the largest portion of his or her monthly payment is applied to interest charges rather than principal. This barely changes the balance amount. By reducing the interest, you can pay off debt balances in a lot less time!
The Debt Management Program is also designed to provide you with easily accessible help and guidance. Our counselors are available to handle harassing phone calls from creditors, assist you with legal situations and teach you how to handle credit in the future. Our counselors also make budgeting suggestions so that you can save more money each month and spend your earnings more efficiently.
One of the counselors can probably help save you those court costs and the loss of precious assets. Please talk to one of our counselors if you are considering bankruptcy to find out about the alternatives. We can direct you to bankruptcy assistance if that is the best solution for your specific situation.