Debt Consolidation Services Apply Now | Debt Relief Alternatives     Delray Credit Counseling offers Debt Consolidation Services or Debt Management Plans (DMP). This is a program offered by most banks and finance companies through non-profit Consumer Credit Counseling Agencies Facts on Debt Management Plans; Debt consolidation services are for Credit Cards, Medical Bills and/or Collections Accounts. (No "secured" debts can be included. This includes house, or car payments, and any loans or accounts with collateral attached). Only consumers having difficulty meeting monthly payment requirements or are un-able to reduce their balances should apply. (This debt management program is not appropriate for consumers who are shopping for a better interest rate). The Debt Management Plan may reduce or eliminate interest rates as well as stop late and over-limit fees. This program may also reduce a consumer's overall monthly payment. Interest rates will vary depending on the creditors, but are usually around 6-9% and sometimes eliminated. All of the debt consolidation services and benefits are extended by the credit grantors. Consumer's payments must be made on time or creditors may drop a consumer from a DMP and not allow re-instatement. If this happens then the benefits extended by the creditors will be revoked. Creditors will not allow further charges on the accounts while the included in program so the accounts will be closed. Creditors may open new lines of credit once the accounts are paid in full at their discretion. Consumers should not enroll in a Debt Management Plan if they are planning a home or auto purchase in the near future. Most credit grantors want to see at least three lines of "open credit". Although a Debt Managment Plan does not affect your credit score rating one way or another, if a consumer has no open lines of credit they may be denied or pay a higher interest rate. www.fairisaac.com    The Debt Management Programs offer several benefits to consumers: In making a consistent payment each month throughout the program, the consumer is able to repay the outstanding balance faster. Typically becoming debt free within 3-5 years. Once set up into a Debt Management Plan, collection activity on an account will stop. As with all options, the Debt Management Program also has aspects that may not be suitable for all consumers. The credit grantors determine all benefits. A consumer cannot appeal the interest rate that the creditors set or the payment that they require. A consumer is now working with a third party between the creditors and themselves. They will need to be in contact with both parties to ensure that the DMP works efficiently and effectively. Consumers should always consider all of their options first. When entered into a DMP, the credit lines are closed; this will affect some of the factors that help to determine a consumers credit score. i.e. the length of time accounts have been opened and the types of credit in use. If a consumer has a high debt load, it will outweigh these changes and they will have little effect. However if a consumer's debt load is not the largest contributing factor and these other factors are adjusted then the consumer's credit report may be affected. Apply Now | Debt Relief Alternatives