Should you enroll in a Debt Management Plan (credit counseling) during Covid-19?

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There’s one big reason why enrolling in a credit counseling program may or may not be the best choice during a financial health crisis like Covid-19, and that’s consistency.

For more information on how credit counseling (DMPs) work, please see my in-depth article at:
https://consumerrecoverynetwork.com/credit-counseling-services-help-lower-credit-card-payments/

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Comments

jennifer choi says:

Thank you for your helpful youtube video, Discover card trying to sued me if i dont response by end of this month. I still can join debt management plan?

??????? ???????? says:

Thanks for your information Michael:) I was wondering is it a sensible defense to state that the collection agency doesnt have an original credit agreement, singed by the original borrower (because the issuing bank has mailed it over to the Fed within 72 hours after closing of the deal). So this line of defense asserts that the collectors have no right to collect on the loan, being that they are not official debt owners. Because otherwise, anybody could, for instance, steal the information regarding any person's debt, call them, and demand payment…

happiness026 Joys Fab Finds says:

I am on a debt management plan but cannot pay reason unemployment

Cindy Blanchard says:

How do I get some personal info?

M J says:

Hi I have watched your helpful videos you been very good for lots of people , I have $35;000 credit cards debt, I started with Greenpath and paid for about 14 months about $1000 a month+$50fee for Greenpath to make one payment and lower interest while credit cards were closed, now because of coved-19 I can’t make payment my credits ore went from 700 to 532 and non of the credit card company is willing to deferred the payment, any advice thank you for posting these videos ???

Wesley Hovis says:

I found your channel a few years ago when I had found myself in a pitiful financial position. It was a video similar to this where you recommended Cambridge Credit Counseling. I enrolled in their program and got a lot of other aspects of my life in check.

Your timing is great because I just made my last payment with them last week which was about 6 months ahead of schedule. I paid off all that debt and based on my plans I'm about 18 months from being completely debt free besides my mortgage. I've also worked my credit score up to 752.

Thanks for all your videos. I'm subscribed and have watched everything you post.

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