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Debt Management Made Simple: Key Principles

A staggering nine out of ten Americans have some form of debt.  These may include credit card balances, car loans, or home mortgages. Credit cards often serve as a financial safety net, helping individuals cover their monthly living expenses. However, when faced with multiple creditors, debt management can become overwhelming. It feels like you owe something to everyone. The stress of not only making monthly payments but also tracking where your money goes is immense. As a result, most Americans today require a debt management program to help them navigate their growing debt.

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What are the causes of debt accumulation and how can professional debt management help?

Debt can quickly accumulate when you use one card to pay off another or maintain a balance too big to pay off. Creditors are always eager to extend credit, as it enables them to profit from your future interest payments.

Even when you stop borrowing, unexpected situations like job loss can make it challenging to meet monthly payments. Additionally, unforeseen expenses, such as medical bills or family emergencies, can derail your debt repayment progress. All of these things can lead to accumulating higher interest rates on your existing credit card debt.

Fortunately, you don’t have to face debt management alone. An experienced debt counselor can guide you through your financial situation and help come up with an appropriate plan to reduce your debt. Debt management and consolidation can simplify your repayment process, resulting in a single, manageable monthly payment.

ACCC’s Debt Management Program: Your Path to Financial Balance

Your company has drastically improved our awareness of money management and budgeting. The payments have helped reduce our dependence on creditors as well as our peace of mind!

– Amelia from OH

American Consumer Credit Counseling (ACCC) offers a realistic debt management program tailored to your budget. It ensures that monthly payments are manageable without causing financial strain. The ACCC debt management program doesn’t require an additional loan to eliminate credit card debt.  This method therefore prevents further debt accumulation.

When you’re ready to regain control of your financial situation, the process works as follows:

1. Contact ACCC and connect with a professionally trained, independently certified counselor who will:

• • Evaluate your financial situation to determine a feasible payment plan – This is where you obtain a comprehensive picture of your financial situation, including your debts, expenses, and income.

• • Assist in creating a budget that meets your needs – Create a suitable budget while paying off your debt. Coming up with a plan together with your counselor to exclude unwanted expenses and work towards debt relief.

• • Help develop a debt management plan, consolidating your debts into a single monthly payment – Consolidate the money you owe so you can make a single payment each month to ACCC. The company makes payments to all your creditors on your behalf. This enables you to stay current with your payments. Also, it reduces the stress of having to make separate payments to your creditors.

>>MORE: Explore ACCC’s solutions for debt relief

2. The counselor will collaborate with your creditors to:

• • Seek potential reductions in finance charges, late fees, and over-limit charges – Working with your creditors for a possible reduction in your interest rates, late fees, over-limit charges and the time it will take to pay off your loan.
  • Negotiate extended deadlines for existing debt repayments – Working with your creditors to negotiate payment deadlines, so that you align your debt management program with your budget.

ACCC is a non-profit organization dedicated to helping you gain control over your debt. To estimate the number of payments needed to pay off a credit card bill, use ACCC’s Credit Card Interest Calculator. Adjust interest rates and monthly payments to explore different debt payoff timelines.

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Are you still not sure if a Debt Management Program is right for you? Here are some client reviews about ACCC

This program has changed our lives. We are so thankful for the opportunity to have help in taking control of our debt. Excellent customer service, convenient hours, friendly representatives! Fantastic Debt Management Program that has made a huge difference in our financial stability. Thank you!

– Marianne from UT

I wasn’t sure how I could handle my debt without getting a higher-paying job (not an easy option), and I felt so much relief after entering the program.

– Katherine from NC

I felt like (ACCC) listened to my particular situation and definitely reduced interest rates and the accumulation of fees relating to those interest rates.

– Joseph from OR

ACCC took me from feeling like my debt was impossible to tackle to manageable, step-by-step. I was initially embarrassed to have so much debt and didn’t want to call on anyone for help. I assumed people would judge me for having so much debt and that it was my fault for letting it get out of control. But, from the minute I called ACCC, they put me at ease, told me it’s doable, and most importantly did not judge me or make me feel ashamed of my situation.

– Palak from NJ

Your company has drastically improved our awareness of money management and budgeting. The payments have helped save our dependence on creditors as well as our peace of mind!

– Amelia from OH

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The testimonials provided herein are unsolicited comments from clients, based upon their individual needs, concerns, and circumstances. These comments are provided for informational purposes only and should not be construed as a guarantee of similar outcomes or experiences, as each person’s circumstances will vary. Please note that client feedback is included solely for informational purposes.