Q. Do You Offer Debt Consolidation Loans?
A. When you consolidate debt, you are combining of all your unsecured monthly bills into one monthly payment. This type of program does not offer debt consolidation loans, instead, the counselors work with clients and their creditors to reduce their overall interest rate, monthly payments, and most importantly the time it takes to pay off their debt. At Mycdc.org our goal is to help you find the right program with excellent customer service and years of industry experience.
Q. How does the program work?
A. Your certified, professional advisor will contact you after reviewing the submitted information to confirm your outstanding debts. If you decide to join the program, they will contact your creditors to have your interest rate and monthly payments lowered so that that your monthly payments will be affordable. You will no longer pay your creditors directly, but will make monthly payments directly to the payment dispersal office. Then, each month on a date that you specify, your payments will be forwarded to your creditors.
Q. Will I still receive harassing phone calls?
A. After agreeing to work with a Consumer Debt Consolidation office calls from collectors will gradually lessen as they begin to handle your debts. Generally, within a short period, the calls will stop as it becomes known that you are working to pay off your debts.
Q. Why do creditors agree to lower monthly payments?
Creditors agree to lower your monthly payment because you are, in fact, trying to pay down your debts. Your creditors lose money if you default on your debts or file bankruptcy. If they compromise and accept lower interest, it is much more likely that they will be able to collect more of what is owed. My Consumer Debt Consolidation works with many credit counseling offices that have an excellent working relationship with your creditors and because of that relationship, is able to work out a easily affordable plan.
Q. Will debt consolidation affect my credit rating?
A. Debt consolidation is often viewed by creditors as a positive, good faith effort on your part to repay your debts and can actually improve a damaged credit rating.
Q. Do my creditors participate in the Debt Consolidation Program?
A. We have a list of counseling offices that will work to reduce your monthly payments from all major credit card companies, department stores, medical clinics and hospitals.
Q. How do I know if I qualify for your program?
A.You automatically qualify if you are carrying at least $5,000 in unsecured debt. If you are seeking to get on the right financial track, then fill out the form on the right for a FREE debt analysis.