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What Interest Rates Can I Expect through a Debt Management Plan?
Any credit counselor that promises you exact interest rates
may be unintentionally misleading you. At Personal Financial
Network, we do not promise certain interest rates on individual
accounts. No agency can guarantee individual rates. Your rates
may depend on your ability to supply us with the most accurate,
complete and up-to-date information about your financial
situation. Our role is to help you gain maximum benefits on all
of your eligible accounts.
The majority of participating creditors generally provide interest
rates in the 7-12% APR range. Some creditors have provided 0% in
the past, and many of our clients have accounts incurring only 1
or 2% interest. There are other creditors that may drop your
interest rate by 4% based on your current interest rate. Still,
there are some credit card issuers that provide no benefits
whatsoever.
The good faith estimate provided by our Accredited Financial
Counselors takes into account the anticipated interest rate
reductions that we expect based on the creditors and types of
accounts that you have. Each creditor determines what benefits
they provide, and some creditors have more stringent
qualifications than others. In addition to helping you obtain
lower interest rates, we counsel you on how to avoid risky
financial behavior that can jeopardize benefits.
Including All Cards Can Improve your Benefits
Many creditors require that you include all of your credit
card accounts on a debt management plan before they will grant
you a lower interest rate and
lower minimum payment. We
encourage you to include all of your eligible accounts so that
you are in position to gain maximum benefits. Your counselor can
discuss with you keeping one account ff the program if you need
it for personal or business use. Keeping just one account off
usually does not jeopardize your benefits.
Personal Financial Network wants you to have realistic
expectations about your potential benefits through a debt
management plan. As such, our financial analysis and good faith
estimates are completed as accurately as possible and are based
on the information that you supply to us.
Upon enrollment, your creditors may supply us with updated
information on responses to our repayment proposals. They will
also confirm benefits that you are granted as a part of your
debt management plan.
If you are anxious to receive your free financial analysis
and your good faith estimate, gather your latest credit card
statements and contact us.
We will help you determine your chances for benefits. |
