Debt Management Plan

[dolfan]

I tried to get the interest rate lowered on one of my credit cards today and got rejected by a supervisor. It's a visa with 17.99 APR. I am considering signing up for a Debt Management Plan with a local company here in Tucson AZ. Total fees for the plan would be $3507 if I pay them at the time I sign up. I have a total of $64000 of credit card debt between my wife and I. DMP company tells me it would take me 34 years to pay off my debt paying the minimum each month. They say it will take me 4 years to be out of debt if I do the plan with them. Anyone have any advise? This is my first post here.

[MrCreditCard]

Debt settlements may work if you get a good firm. But also beware that your credit score is going to take a m***ive hit initially. Also, a debt settlement firm cannot guarantee all of your creditors will cooperate. You also need to be patient.

If you can live with these, then yes, you could go ahead and hire them. An alternative would be to try to do this yourself.

[alexrobort]

thank you for your information.

[afreshup]

You should check out all the free debt management plans you can before paying for one. Beware of any company that promises to lower your debt overnight or fix your credit score immediately, because they are most likely scam artists. Search the web for Personal Finance blogs that have full tutorials for getting out of debt and managing your money so you don't get further behind. they also offer inspiring stories of people who have been in your position and beaten debt. If you want a list of them, just reply and I'll list them here for you. Best of luck!