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Can Some Credit Counseling Agencies Get a Lower Interest Rate or
Payment than Others?
Personal Financial Network encourages you to contact more
than one credit counseling agency to compare fees and quality of
service. You are more likely to get the best deal when you shop
around.
That being said, can you expect to get a lower interest rate
and lower payment from one agency over another? The answer is
no, but there are additional considerations that can cause
differences.
Creditors Generally Approve Same Benefits Regardless of Credit Counseling Agency
As long as your credit counseling agency provides a nonprofit
service and meets creditor guidelines, then they will be able to
help you get the same interest rate and minimum payment that
another agency would be able to negotiate. One agency should
estimate the same rate and minimum payment for each account as
another agency.
Differences can occur if your agency does not take the time
to ensure that you receive maximum benefits. They should help
you understand what conditions need to be met to receive
benefits on all of your eligible accounts.
Some agencies rush to enroll you and submit automated
proposals to your creditors, only to notify you later that
benefits were denied. Other agencies do not carefully plan your
payment to account for discrepancies in your balance which could
cause a higher minimum payment to be requested.
In addition, some agencies charge a much higher fee than
others. Most quality agencies charge around $30 a month, which
is quite a bargain considering the benefits that they help you
obtain. However, some agencies routinely charge close to $50 a
month. Many require substantial counseling fees or set-up fees
that are due immediately.
In the end, make sure that you select the agency with the
best reputation and with reasonable fees. Personal Financial
Network intentionally balances affordability with the best
possible service to help you gain the maximum advantage. Find
out why so many of our clients have stuck with their commitment
and eliminated their credit card debt for good through our
service. Call us today. |
