Debt Management Program: This plan is administered by a software program or a professional firm. It includes the reviewing of all your debts, the total amount you owe, the interest rates, and then it calculates the most comprehensive payment plan for you to pay as soon as possible.
A debt management program needs higher discipline levels. It only works if you follow the implemented plan without any wavering. For this reason, these plans are set up to initiate the electronic withdrawals from your bank account, which go directly to your creditors periodically.
Credit Counseling: Credit counseling programs also serve those who are chronically buried under their debts. These programs involve paying fees to the counselors because they are the ones who conduct the negotiation with your creditors to get lower your payments, lower interest rates, or less total payments.
You should keep in mind that these types of programs usually don’t contribute towards lowering your credit score, but they do show up as notations by numerous creditors on your credit reports. This can possibly put off some lenders and there is a strong chance that you may harm your relationship with your existing creditors. You should also know that you won’t be able to control your own finances and may have to even reach an agreement on inflexible bi-weekly payments.
Debt Settlement: Debt settlement is recognized as the most stressful debt reduction programs available out there. Debt settlement agencies allure desperate people with a tempting claim that includes “negotiation of 40-60% of your debt!” For a person who needs an efficient and rapid solution, this sounds perfect. Unfortunately, it requires numerous months to save the money which is necessary to reach a debt settlement with the creditor. The larger your outstanding balances will be, the longer it will take to sum up the money. So in turn, the late fees, interest charges, and over limit fees make your debt grow at a faster pace than ever.
The Money Merge Account Program – The Ultimate Debt Reduction Solution: This can actually start producing solid results before any other program. It is one of the most highly recommended debt reduction programs, and it meets all 4 criteria listed above.
The Money Merge Account is a reliable debt reduction program available in the market today because it works from the first month until your final payoff date. It is truly the most advanced debt reduction program out there that can eliminate all debts in 1/3-1/2 the time.