Debt management
If you have credit card balances that are beyond your ability to repay, creditors may be open to negotiating. Thats when working with a nonprofit or a credit union to create a debt-management plan can be the most helpful.
Certified counselors will help you set up a voluntary agreement between you and your creditors, and set up a single payment for you. Youll pay directly to the non profit, who will handle each of your debt payments on your behalf. Theres no charge and youll likely get reduced or waived charges and fees from your creditors.
Something to consider: Your debt management plan could take three to five years to pay off, meaning you wont be able to open any line of credit until your debts are entirely paid off. …
Read the full article at: https://moneywise.com/a/thepennyhoarder-debt-management-or-consolidation
