Debt Consolidation (Counseling)

• Some creditors will reduce or eliminate interest rates. Reduction in interest rates depend on individual creditor policies and your charging and payment history. The average interest rates you can expect will be between 8-10%.
• All of your payment dates are adjusted to one date in the month so that you make one payment/month. Your monthly payment is determined by the specific group of creditors you include in the program. Average payment works out to approximately 2.2% of you debt. Most of the time this can be lower than your current minimum requirements, however, it can be more.
• Your monthly payments are processed by an accredited 501(c)(3) not-for-profit debt consolidation company. They have established relationships with the consumer credit counseling departments of the major creditors. They also provide our clients with educational materials that can assist you in understanding how you got into debt and how to stay out of debt.

• Monthly payment is fixed by the creditors and it is your responsibility to make your monthly payments every month. If you miss payments you will be disqualified from the program and the creditors will set your interest rates back to the higher rates and may add fees. In addition, you may not be eligible for consolidation benefits for 5 years.

• Provide your CDS agent with a list of creditors.
• CDS agent will provide you with the required monthly payment. If you can handle the monthly payment then....
• CDS agent will send you the required paperwork.
• Fill out paperwork.
• Make timely, consecutive monthly program payments and continue to make your monthly payments. You will continue to receive statements from your creditors which will reflect your adjusted interest rates and payments.