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Call one of our Accredited Credit Counselors for a free counseling session today.
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Genesis Can Resolve Credit Card Problems
At Genesis, we believe that good people who owe money want to pay their bills; they just want a level playing field.
By enrolling in our Debt Management Program, we level the playing field by making the repayment terms favor you, the consumer, rather than favoring the credit card company.
We work with creditors to lower your payments, lower interest rates, bring past due accounts current, stop late and over-the-limit fees and establish a repayment plan that will pay off all of your debt in five years or less.
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Past Due Accounts
When a credit card account becomes past due, you may find yourself with inflated minimum payments. A payment that was $200.00 is now almost $700.00, and there's no way you can pay it all at once.
Believe it or not, this is pretty common. Through a process called "re-aging", we will work with your creditors to bring the account back to a current standing, without having to come up with an inflated minimum payment. This is one of the biggest benefits of a debt management program for those that have fallen behind on their payments.
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Lowering Your Payments
In many cases, we may be able to lower your overall monthly payments to your creditors. This can put more money back in your pocket to help you meet other obligations like car payments, rent, mortgages and day to day living expenses.
In addition to saving out-of-pocket money each month, you'll also save substantially on interest charges. By paying less in interest, you'll pay your balances down faster and spend less in the long run. We typically save our clients HUNDREDS of dollars a month in interest charges and fees alone. Added to your out-of-pocket savings, the impact the plan can have on your finances will be, to borrow a phrase from a famous creditor, "priceless".
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Reducing Your Interest Rates
Interest is the cost of borrowing money. In very simple terms, the higher the interest rate is, the more you are paying to carry a balance on a credit card.
Most credit card interest rates start out low, but small print in cardholder agreements allows the interest to creep up over time for many reasons, some of which may not even be under your control. It is not uncommon to pay interest rates of 19.9% to 29.9% on cards that started out with rates of 9.9% or even lower.
Our Debt Management Plan will result in lower interest rates from your creditors in exchange for your participation, resulting in more of your money actually working to pay down the balance rather than just paying interest charges. Interest rates on the plan vary from creditor to creditor, but you can expect to save significant amounts of money from the reduced rates alone.
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Consolidation
Contrary to popular belief, you don't need a loan to consolidate your debt. In fact, a loan may do more harm than good. If you're having credit card troubles, Genesis' Debt Management Plan consolidates all of your unsecured debt into one, equal monthly payment, making it easier for you to manage your expenses. You make the same payment for the duration of the plan, and as some accounts begin to payoff, other accounts receive a bigger percentage of your payment, which accelerates their payoff time frame as well. Genesis works primarily with your unsecured debts (debts that do not have any collateral attached), including credit cards, personal loans, medical bills, collection accounts, and discontinued utility services for which a balance is still owed. Secured debts- such as car loans, mortgages and rent- for which you have pledged property as collateral cannot be placed onto a debt management plan.
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Additional Related Information
Links
Counseling And Your Credit Report (from Kiplinger's)
What effect does credit counseling have on an individual's credit report?
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