Most of the people nowadays suffer from paying debts and frustrated by high interest credit card balance.You can get debt relief from the following three options: debt management plans & debt settlement, student loan consolidation and debt consolidation loans.
In order to cope with overwhelming debts you can seek credit counseling agencies who offer debt consolidation programs to get debt relief. With help of debt management plan, you pay single amount to the credit counseling agency who will distribute your money to creditors until the full amounts were paid.The Credit Council, an elected collective body, covers issues related to adoption of the credit risk by the Bank that is specified in the Regulation on Credit Council.Credit Council composition consists of at least four members appointed by the Supervisory Board.Credit Council members may be executives of the Bank or outside experts, including Supervisory Board members or their representatives.The Chairman of the Management Board of the Bank is an ex officio member of the Credit Council.Be careful in choosing the best agencies and choose a nonprofit credit counseling organization which belongs to either NFCC or AICCCA.
Its member agencies will pass strict standards set forth by the “council on accreditation for children and family service” and their counselors will pass a certification program.
Even though agencies are member for such organizations, be choosy.
The agency should be well organized, sending statements and payments on time and offering education & strong support to the consumers.
In case of poor services, you can contact another branch.
All the agencies structural plans are same, only the agency and employees will vary.
The counselor will determine the time taken to settle the amount to your creditors within 3 to 5 years. The NFCC spokesman have told that they have negotiated with top ten credit card issuers to reduce the monthly payment lower than 1.75% and reducing down the interest rates to meet 5 years repayment time frame.