Ronnica Rothe is a graduate with honors from the University of Oklahoma and a current student at Southeastern Baptist Theological Seminary. She works with Personal Financial Network (pfni.net) to help individuals get out of debt and reach their financial goals.
If you have credit card debt, you are probably paying a large portion of your monthly payment in interest and fees. Very little of your hard-earned money is going to pay down the debt you owe while the credit card company is continuing to make money off of you.
If you have made late payments or even missed payments, you are being penalized more. In this situation, there is little you can do to lower your interest rate unless you can prove that you will pay off your debt. Credit card companies want to make sure that they see your money, so they are willing to work with those who are taking steps to fix their credit problems.
One great way to show that you are serious about fixing your credit problems is by talking to an accredited credit counselor. The counselor can show you any ways that might still be available for you to help your situation on your own. For most people, however, they would most benefit from a debt management plan, or DMP.
A DMP is a way to pay off your debt and save on interest and fees. The company that is handling your DMP will work with your creditors, lowering your credit card interest rate on each card in most situations. This will allow more of your money to go to paying off your actual debt.
Not only will you have the opportunity to pay one consolidated payment, you may even have a lower monthly payment, allowing you to manage your money wisely and keep out of further credit card debt.
If you are ready to pay lower credit card interest rates, talk to an accredited credit counselor today. They can work with you in your situation to come up with a solution that best fits your family’s needs.
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