Debt Management Programs

The goal of our debt management counseling sessions is to help you find the best solutions to your financial problems, often looking at debt repayment options. In many cases, our professional advice may be all that you need in order to get a handle on your situation, and take control of your debt or spending habits. For some who may be considering bankruptcy, our impartial advice may help them re-affirm that decision. And finally, our debt consolidation and repayment programs are a great way for many to pay off their debt, according to their means, in a reasonable time frame.

How the Debt Consolidation Program and Management Plans Work

If your situation is such that there is not enough money available to make full monthly payments to your creditors, but enough for reasonable payments, we will contact each creditor on your behalf and make arrangements for them to accept reduced monthly payments. Your creditors are asked to stop all collection activity with you and to deal directly with us. In some cases, creditors will stop or reduce finance charges to Consumer Credit clients.

Each month, you pay a specified amount, which is deposited into a trust account and distributed monthly to each of your creditors until all of your debts have been paid. Since most credit-makers appreciate the function we perform and realize the importance of allowing their customers to pay their obligations in a consistent, honorable and possible manner, they are usually quite willing to participate in these debt management programs.

We are not a lender. As professional counselors, we know you cannot borrow your way out of debt, only pay your way out. This plan, when followed, does this in an honorable fashion.

Debt Management Benefits May Include:

  • Reductions in minimum payments.
  • Reduced or eliminated interest rates.
  • Elimination of late or over-limit fees.
  • Re-aging of accounts (a creditor considering your account current).
  • Elimination of collection calls.

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Debt Repayment Programs & Services

The demands of everyday living can take a toll on most of us to the point that we one day find ourselves in a mountain of debt.  We then try to borrow money in order to pay off other debts, which leads us to a never ending cycle of debt.  Even with the best of intentions, things come up. Kids need clothes, food, shoes, emergency medical bills or the car requires some urgent repairs. It could be anything really, but it is no surprise that the first urge we have is to borrow money with the promise to pay it. However, it rarely ever turns out that way. Pretty soon we are missing payments, defaulting on some and maxing out credit cards and simply just trying to stave off financial ruin.  We all need a hand sometimes to help us get back on our feet. Consumer Credit Of Minnesota is that friend we can turn to in order to help us sort out our debt problems, plan a way to pay for it in a consistent and affordable manner so we can get back on the driver’s seat of our financial future.

Debt repayment in its simplest form is the process of paying off your debt balance on an existing loan over a period of time.  This is done by consolidating all of your loans and credit card bills as well as other unsecured debts too into a single monthly payment program that is based on your budget.  There are many types of debt repayment programs available but not all of them offer the best solution for you. Choosing the right debt repayment program is critical to getting out of the debt cycle and into a better financial situation. Let us help you navigate through these options.

“John, with warm appreciation and sincere thanks, thank you for all your help getting us back on track.”
– Angelique, who completed the Debt Management Plan in April, 2011.

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