$20,000 credit card debt. going to a credit counselor. how much can they lower my payments each month?

how much can a credit counselor help me? how much do they lower minimum payments and by how much will they reduce the time it takes to end my debt.
medical school had serious negative consequences on my credit cards. loans alone were not enough to cover my expenses, now i am stuck , totally insolvent!
i have an appt. with a credit counselor next week and want to know how much i can expect them to help.

Finance help/ math !? 1. What percentage of your net income or realized income...
Math Problems need some help? What percentage of your net income or realized income should...

Sun, Aug 15, 2010

FAQs

appt, Credit Cards, Credit Counselor, Loans, medical school, Minimum Payments, negative consequences

Tags: appt, Credit Cards, Credit Counselor, Loans, medical school, Minimum Payments, negative consequences

3 Responses to “$20,000 credit card debt. going to a credit counselor. how much can they lower my payments each month?”

CatDad Says:
August 15th, 2010 at 7:07 pm

As a general rule, non profit credit counseling programs through NFCC.org can reduce your total monthly payment to around 2% of your total debt….so that would be $400 a month in your case. This is a rough estimation. It could be more or less. They can also reduce the interest rate down to around 10%.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program…but that’s the whole point of entering into such a program…to stop using credit and to pay off your debts.

Stay away from any debt consolidation service that promises to cut your debt and payments in half. These programs involve deliberately defaulted on your credit cards to settle for less. If the process fails, you could be sued by your creditors, who are not obligated to take any settlement for less.

Zion Thatcher Says:
August 15th, 2010 at 7:07 pm

http://debtreliefreviews.net/top-debt-consolidation-companies/ has several ways to get rid of credit card debt.