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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

*Debt Management Plan Details

Reduce Interest Rates

When consumers are approved for DMP (debt management plan) creditors may reduce or eliminate interest rates. DMP benefits are offered directly by the creditor grantor thru approved credit counseling agencies.

Lower Monthly Payment

When consumers are approved for DMP creditors may lower the over-all monthly payment requirement. DMP benefits are offered directly by the creditor grantor thru approved credit counseling agencies.

Reduce Collection Calls

When consumers are approved for DMP most creditors will stop collection calls provided payments are being made on-time thru the program. Different creditors have criteria for when they stop calling. Please consult your credit counselor for specific creditor details.

Re-aging Credit Reports

This is defined by the Federal Reserve as "returning a delinquent open-ended account to current status without collecting the total of principal interest or fees that are contractually due" When consumers are approved for DMP creditors may re-age delinquent accounts after the third consecutive on-time payment in the DMP.

Stop Late & Over-limit Fees

When consumers are approved for DMP most creditors will stop charging late or over-limit fees provided payments are being made on time thru the program. Different creditors have criteria for when they will no longer charge late or over-limit fee. Please consult your credit counselor for specific creditor details.