DEBT MANAGEMENT

A Debt Management program consolidates your bills into one monthly payment while lowering your interest rates. Your debt isn't being eliminated or paid off; instead, your debt is simply being restructured based on guidelines provided by your creditors. Through restructuring your debt, we are able to apply more of each of your payments toward your balance, so that it all doesn't keep getting sucked away month-by-month paying interest only. By paying more toward your balance each month through debt management, you save money and get out of debt an average of three to five times faster!

To help it make more sense: when you pay a creditor $200.00 per month on a $6500.00 balance at a 23% interest rate, approximately $125.00 of that payment is going toward your interest. That means only $75.00 of your payment is going toward your balance! But, when you enter a Debt Management program through a non-profit credit counseling agency, you can make a lower payment to that same creditor and have the payment applied at a lower rate; you will pay off your debt faster and pay less interest in the process.

Your creditors agree to Debt Management programs because your creditors do not wish to sell your account(s) to collection agencies or to have you go bankrupt and no longer retain you as a customer. A credit counseling program gives you an opportunity to pay off your debt to your creditor(s) in a timely manner with manageable payments and reserve your credit.

Our Debt Management program can consolidate credit cards, department store cards, collection accounts, medical bills, gas cards, student loans (for convenience), and any other unsecured debts. Through consolidating your payments, we are able to apply your monthly payment in a systematic manner to quickly pay off debt.

Debt Management has you make the same payment each month, but applies that payment in the most effective way to alleviate your debt. Once an account is paid off, your payment will be applied to your remaining accounts. The non-profit credit counseling agency will determine which account the extra money needs to be applied to, unless you give notice otherwise. In most cases the extra money will go to the account charging the highest interest rate. This process is called an accelerated payment plan, and is designed to get you debt free, faster.

Atlantic Mutual works with National Family Financial Solutions and a network of licensed and bonded 501( c )( 3 ) non-profit consumer credit solutions agencies. Our Debt Management program will help you get out of debt faster, while aiding you in learning to manage your finances for the future.