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WARNINGS About Credit Counseling Programs and Long Term Debt Repayment Plans

In my first article in this series I outlined many benefits you get from working with a credit counseling agency. But there are also drawbacks to enrolling in a DMP (debt management plan) in order to get credit card payment relief. And the concerns are not minor, which is why the word WARNING is capitalized. …

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UK Individual Voluntary Arrangements to Set Record

By Andrew Smith Last year I predicted it would be a record year for IVAs. There had already been more than 40,000 Individual Voluntary Arrangements, the most-used personal insolvency procedure in England and Wales, in the first nine months of the year and here at ClearDebt we were pretty confident the total for the year …

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I Found Myself in Debt Again and Back in a DMP. Should I File Bankruptcy? – Carol

“Dear Michael, I filed BK in 2003 (April/discharged Nov 2003). I’ve found myself in debt again and I am thinking about filing again. I have been in a DMP for the past few months but I am so tight against I don’t know if I will make it through. Since I filed pre-2005, the laws …

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Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific …

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I Went With Take Charge America and Refuse to File Bankruptcy. – Nic

“Dear Steve, I am 29 years old, married, own a home, 2 cars, and self employed. I started a debt management program with Take Charge America and have paid off approximately $14,000 so far. My payment is $1,327 per month. Due to the nature of my job, my income fluctuates and I have been seeing …

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Can I Keep One Credit Card Open for Business in a Debt Management Plan? – Dave

“Dear Steve, I am just barely above water, and the tide is coming in! 132,000 in mortgages (first & second). 53,300 in credit cards. Can you recommend a reputable debt management service? My goal is to pay down debt as quickly as possible w/out to much damage to credit. Also, I need to keep one …

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My Boyfriend Has $20,000 in Credit Card Debt on 8 Cards. – Kathryn

Kathryn “Dear Steve, My boyfriend has $20,000 in credit card debt on a total of 8 credit cards. He was able to pay his minimum payments & a little extra, as he had been trying to do the debt snowball elimination method. Recently Chase bought out a couple of the companies he has credit cards …

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