Debt Management

Solve your financial troubles with debt management

When you’re carrying more debt than you handle, a debt management plan can be the key to resolving your financial issues and learning to live without debt.

Living with high levels of debt is common today. In fact, the average American household has $8000 in credit card debt alone. Debt has a way of growing slowly. You may take on a little more debt here and there until suddenly, you realize you’re in too deep.

When you’re ready to take control of your financial situation, American Consumer Credit Counseling (ACCC) is a great place to start. In addition to reputable credit counseling services, we offer non-profit debt management plans that provide the support and structure you need to finally free yourself from debt.

How debt management plans work

Here’s what you can expect when you come to ACCC for help with debt management.

The first thing you’ll do is meet with one of our credit counselors to evaluate your situation and come up with a realistic payment plan. Our debt management plans are designed to help you pay down your debt through monthly payments without requiring you to make sacrifices you can’t sustain over time. Our plans also won’t require you to take out more loans to eliminate your debt.

After we’ve helped to develop a budget you can live with, we’ll set up a payment plan where you make just one payment each month to ACCC, and our team will disburse funds to your creditors on your behalf. By consolidating your payments this way, it makes it easier to stay on top of your commitments and eliminates the stress of making multiple payments to a variety of creditors.

Your ACCC counselor will also contact your creditors to explore potential reductions in things like finance charges, over-limit fees, interest rates, and late fees. As a result, you’ll owe less money to your creditors, allowing you to pay off your debts faster. We can also work to re-age your debt, giving you more time to pay it off and lowering your monthly payment.

Ultimately, a debt management plan with ACCC makes your financial life much simpler. And throughout your journey out of debt, you can always count on our team for the help and support you need.

ACCC: credit counseling, debt management, and more

ACCC has been educating consumers in financial management since 1991. Through credit counseling and debt management, we’ve helped thousands of individuals and families to get out of debt and learn to live debt-free. Our counselors are professionally trained and independently certified, providing you with access to expert financial counseling and the highest level of client care.

As a nonprofit organization, we offer free credit counseling services and low-cost debt management plans that make it possible for anyone to get the help they need to address their debt. Our services include:

• Credit counseling. Get help to determine the best way to deal with your financial situation.
• Debt management. Make a plan to simplify your financial life, consolidate your payments, and pay off your debt over time.
• Housing counseling. Our counselors can help with all aspects of your housing needs, from reverse mortgage counseling, foreclosure counseling, and homebuyer education and certification.
• Student loan counseling. At ACCC, you can explore your options for paying off your loans, no matter how much you owe or what the status of your loans is.
• Bankruptcy counseling. Get help to understand the bankruptcy process or complete the mandated pre-filing bankruptcy counseling session.

What happens at a credit counseling session?

Your first credit counseling session at ACCC is free of charge. There are no strings attached, and you won’t be asked to make a commitment to anything.

You can meet with a nonprofit credit counselor from ACCC in person or over the phone to discuss your financial situation. We’ll help you get a clear picture of your finances by preparing a detailed review of your income, expenses, assets, and debts. You’ll learn about multiple options for paying off debt during credit counseling: debt consolidation, debt settlement, debt negotiation, debt management, and more. We’ll also prepare a list of personalized options for you based on your financial goals. If a debt management plan seems like your best choice, your credit counselor will provide you with all the details of the program and get you started.

Your ACCC credit counselor may also connect you with a variety of free resources, tools, and educational materials that can help you learn more about solid money management techniques and how to avoid debt in your future.

Why choose debt management plans from ACCC?

When you seek debt management help from ACCC, you’ll benefit from:

• Our 30 years of experience in the credit counseling industry
• Trained and trusted credit counselors
• Free counseling sessions and low-cost debt management program fees
• Help with your debt regardless of your ability to pay
• Free financial education materials and financial tools
• Convenient services are offered in-person and over the phone, with an online chat feature for getting quick answers to questions
• Services offered in English and Spanish
• Superior customer service from counselors that care about you and who will work with you until your issues are resolved
• A reputable credit counseling agency that is certified in all 50 states and accredited through the Better Business Bureau with an A+ rating

FAQs: What is debt management?

What is debt management?

Debt management is an approach to paying off debt that allows you to pay your creditors over time without destroying your credit rating. Under a debt management plan, you’ll typically make a single payment to a credit counseling agency that will in turn pay your creditors on your behalf. The agency will also work with your creditors to potentially eliminate late fees and finance charges, reduce interest rates, and/or re-age your accounts to lower your monthly payment.

What are the benefits of a debt management plan vs. debt settlement?

With debt settlement, you’ll work with a company that will contact your creditors and offers to settle your debt for a portion of what you owe, rather than the full amount. While this approach may work for some consumers, it tends to leave their credit rating in ruins. The fees charged by debt settlement companies are typically quite high. And since there’s no guarantee that creditors will settle, a debt settlement approach can sometimes leave consumers in legal trouble or more deeply in debt. With a debt management plan, your credit rating will be preserved as you pay off your debt over time – usually 36 to 60 months.