Credit Counseling: Montgomery (AL)

AL Debt Relief

Credit Counseling Montgomery ALDo you need to get your debts paid back and reestablish your credit? In this case, a trusted Montgomery credit counseling agency could help. We have professionals standing by to evaluate your finances and figure out how much a credit counselor in Montgomery could help you save.

Credit Counseling in Montgomery AL

Montgomery credit counselors will educate you, the consumer, on ways to manage debts, remedy your existing financial issues, and work toward being debt free.

We have calculated that 7,759 of the 210,386 inhabitants of Montgomery may need credit counseling.

>> Get a Free Cost Credit Counseling Estimate!

Your ratio of debt to income, also referred to as DTI, helps to confirm how badly you’re in need of credit counseling. Consider several estimates consistent with an income of $1,012 per month, the Montgomery average:

  • $364 (36%): Ideal
  • $374 to $425 (37-42%): OK
  • $435 to $506 (43-50%): Too High
  • $506 plus (50%): Severe

Debt Counseling Programs: Montgomery, AL

What if you’re having to pay $506 every month, but you only earn $1,012? Then your credit counselor could very well have you enroll in a debt management plan. A debt management plan is a form of debt consolidation, because your credit card, loan, and other debt payments is condensed into just one payment, but no loan is involved. This is different from various other approaches to debt consolidation in Montgomery, AL, which use secured loans to pay off your credit card balances.

Under any debt management plan in Montgomery, the credit counselor will manage paying your creditors every month. Pretty much all you need to do is hand them a single payment on a monthly basis.

Steering Clear of Credit Counseling Scams in Montgomery, AL

Credit Counseling Montgomery AL

So long as you get an established organization, credit counseling can really help. Actually, the FTC now requires it for those filing bankruptcy not just in Alabama, but nationwide, but be wary of any credit counseling agencies that say they are able to:

  • Stop all calls from debt collectors
  • Negotiate secured debts, for instance car loans
  • Stop creditors from taking legal action against you
  • Impose a fee up-front for their assistance

Bear in mind, being a non profit won’t guarantee that a credit counseling business is honest, and vice versa.

Credit Counseling Montgomery AL

Credit counseling does not reduce the existing amount you owe. Thank goodness, your credit counseling organization usually can secure decreased rates and fees and penalties.

A brief evaluation of your finances is needed to provide a precise savings quote.

Montgomery AL Credit Counseling

Enrollment in a DMP should not cost more than $75, and the monthly fees should be less than $40. How much will your payments be? That will depend on how much you owe. Usually 2.5% of how much you owe.

Here is a table showing how much this amounts to, given differing amounts of financial debt.

  • $10,000 Debt: $210 to $250
  • $25,000 Debt: $525 to $625
  • $30,000 Debt: $630 to $750
  • $60,000 Debt: $1260 to $1500
  • $80,000 Debt: $1680 to $2000
  • $85,000 Debt: $1785 to $2125
  • $90,000 Debt: $1890 to $2250

Credit Counseling and Debt Management in Montgomery, AL

  • Consumer Credit Counseling Service Of Alabama Inc, 777 S Lawrence St, 36104
  • A-1 Improved Credit Llc, 4131 Carmichael Rd, 36106
  • Azar William D, 469 S McDonough St, 36104
  • Bankruptcy Clinic, 472 S Lawrence St, 36104
  • Bankruptcy T David Weston Llc Attorney At Law, 416 S Perry St, 36104
  • Kleen Credit, 300 Water St, 36104
  • Market Street Mortgage, 6719 Taylor Cir, 36117
  • Steeplechase Tax & Financials, 3677 Debby Dr, 36111
  • Colbert Ball Tax Service, 4017 Norman Bridge Rd, 36105
  • Weston, David T – David T Weston LLC, 7515 Halcyon Pointe Dr, 36117