We have partnered with credit counselors and debt management agencies to help you get the help you’re looking for.
Repairing your credit is is supposed to quickly elevate your credit rating, while credit counseling is focused on relief from debt.
We have calculated that 834 of the 22,605 residents of Malvern would benefit from credit counseling.
Debt to Income Ratios: Malvern, PA
Your debt to income ratio, also known as DTI, helps to confirm whether your state of affairs warrants credit counseling.
|$6,372||Less than 36%||$2,294 or less||No Problems|
|$6,372||50% Plus||$3,250 or More||SEVERE!|
Debt Management Programs in Malvern, PA
Do you have at least $10K of credit card debt or have a debt-to-income ratio of 50% or higher? If so, you might need to enter into a DMP, or debt management plan. If you sign up for a debt management program, your Malvern PA credit counselor may able to negotiate cheaper APR’s and better terms from your credit card companies.
You’ll mail just one payment to your Malvern credit counseling service, and they will then mail out the right amounts to your creditors.
Credit counseling and debt management typically doesn’t decrease your credit rating in the long run, but banks may not be able to say yes to a new auto or property loan if you’re participating in a DMP to get out of debt.
Steering Clear of Credit Counseling Shams in Malvern (PA)
As a program, credit counseling and debt management plans have been recognized by the Federal Trade Commission and other state and federal authorities. However, be wary of any credit counselors that say that they will:
- Stop all calls from collection agencies
- Eradicate damaging items from your credit report
- Erase debts via some federal program
- Promise the removing of unsecured debts
- Keep credit card issuers from suing you
- Charge a fee ahead of time for their solutions
For more information, read this FTC write-up on the topic.
How Much Could Credit Counseling Help You Save?
While credit counseling does not cut back debt, it will save you a lot of money by virtue of more affordable interest and far fewer penalties. To learn how much you could save, you need to contact a knowledgeable credit counselor in Malvern, PA – right now!
The counseling portion of these services should be free. How much will a debt management program cost you? Typically $25-$30 monthly, as well as a startup fee of approximately $75.
With a debt management plan, the money you shell out each month repaying your credit card debt is typically similar to your minimum credit card payment (usually 2.5%). Below is a top level view of how much you may be required to pay, based on varying amounts of consumer debt.
- $15,000 Debt: $315 to $375
- $20,000 Debt: $420 to $500
- $35,000 Debt: $735 to $875
- $40,000 Debt: $840 to $1000
- $45,000 Debt: $945 to $1125
- $50,000 Debt: $1050 to $1250
- $55,000 Debt: $1155 to $1375
- $60,000 Debt: $1260 to $1500
Debt and Credit Counseling Agencies in Malvern, PA
- Pennsylvania credit counseling company? Email us for a free listing!