Consolidating law school debt
The method used to get your payments lower than what you may be paying today is simple enough to explain; your banks agree to lower your interest rates, and consolidate all of your payments into a single payment.Credit Counseling offers one of the most common and legitimate ways to get your credit card bills reduced and under control with a single consolidated monthly payment.There are also situations where you would simply be able to financially commit to this type of program for debt relief. You will need to speak with a license counselor to get a direct lower payment quote. Here are some immediate questions you can ask yourself that will help you get a feel for the affordability of a consolidated payment plan: Answering the questions above should help you readily identify whether a credit counseling service will work for you.
The counseling agency will have some set criteria they use that will identify which of your accounts can be accepted into the debt management (DMP) plans they offer.
You do have the option of paying more towards your debts on the plan, which would help you finish early.
You can also withdraw from the plan at any time and take over payments to your creditors, but you may lose the lower interest rates.
The accounts that you enroll in the credit counseling plan may appear on your credit report as being enrolled in a managed repayment plan.
This does not impact your credit score, but it can affect the way your credit report is viewed by people who look at it in order to lend to you.