Credit Counseling & Debt Management Services
Unchain your credit will set you up with a credit counselor who will analyze your current financial situation and provide you with budgeting help. Credit counselors can introduce you to financial resources, help you with your debt repayment strategy, and recommend a debt management program if you qualify.
Debt Management, often known as a consumer credit counseling or a credit counseling service, is a creditor-sponsored program designed to help you pay your debts back. With debt management, you are still paying everything in full with interest.
In this program, all the debts are combined into one account so that you only have to make one payment a month instead of having various payments during the month, it used to be, that in a debt management plan, the credit card companies gave large concessions in the form of very low-interest rates. However, that may no longer be the case and with the fees associated with these programs, it is possible your monthly payments will increase
With Debt Management all Credit Cards are canceled and it may be reported on the Credit Bureaus that you are working with a 3rd party to help resolve your Debt issues, also your ability to obtain new credit while in Debt Management may not be allowed.