Selecting a Debt Management Company

People in Las Colinas are taking charge of their finances and they are turning to Debt Management Companies to help them with credit and debit management.

There are both good and bad debt management firms and you, the consumer, need to be aware of some of the warning signs that might indicate a management company is just after your money. Keep the following in mind:

  • Always ensure that whichever firm you have considered working with requires detailed information about your debts before they offer any sort of estimate of what it will cost you for their services.
  • Legitimate debt management companies should never give much more than the vaguest of quotes for their services. If the debt management professional begins to talk about your eventual payments and what they would hope the interest rates would be during the initial consultation, feel free to walk away.
  • While it is necessary to offer information to your prospective debt management company during the application process, one shouldn’t just hand over your most personal financial data before making absolutely certain that the company is one to be trusted.
  • Have the debt management professional you consult with give you assurances in writing about their organizational guidelines regarding the destruction and confidentiality policies regarding client documents before handing anything over.
  • Many of the less reputable debt management firms attempt to hide redundant charges within the monthly payments, and some of them add on an additional annual expense for exactly the same efforts.
  • Your debt management professional must be able – and, more to the point, willing – to adapt the overall goals you must both be striving towards (to eliminate consumer debt as quickly as possibly so as to reduce the potential effects of compound interest) with the day to day household costs plus some money set aside each month for savings.
  • You need a debt management firm that understands you and your family’s current living conditions as well as your eventual long term goals and aspirations – presuming a debt-free existence to be paramount among them.

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