When work became slow, Alec and Mallory* weren't sure how they could continue to pay all their creditors. With a smaller income and an overwhelming amount of credit card debt, they knew they needed help from a third party. Mallory called a few debt settlement companies, but was told that she should start diverting her credit card payment to them while they were negotiating with her creditors. Knowing it would be foolhardy to stop making payments on her debt, Mallory reached out to a different type of organization, a non-profit called Consumer Credit Counseling Service.
At CCCS, the couple began working with a Certified Consumer Credit Counselor who helped them evaluate their situation and the various options that would offer a solution. Alec and Mallory chose to enroll in CCCS' Debt Management Plan (DMP), a program in which their credit counselor would act as a mediator, helping to get interest rates and minimum payments lowered. Instead of having to keep up with the various due dates and payments for each of their 5 different creditors, Alec and Mallory would make only one payment each month, which CCCS would then disburse on their behalf to each creditor. Unlike the debt settlement companies with whom Mallory had spoken, each creditor would receive the correct payment amount on time every month without delay. On the DMP, the couple would pay off all 5 credit cards with a total balance of over $30,000 in only 5 years.
Mallory remarked, "Because of the DMP, we're a lot less stressed. We don't have to worry about making payments each month because it's automatically deducted from our checking account. I'd tell anyone, 'If you see you are in debt and can't make payments, this is the way to go.' We've had a good experience with CCCS and I'd recommend the organization to anybody."
In July, Alec and Mallory will make their final payment, paying off a total of $41, 383 since beginning the DMP in April of 2009. Because of their dedication and perseverance, they will be completing the program 9 months early, gaining independence from their credit card debt in only 4 years and 3 months.
Congratulations, Alec and Mallory! We're so proud of the progress that you've made!
*Names have been altered to preserve anonymity.
If you are struggling with an overwhelming burden of debt, please don't hesitate to contact CCCS. Call (423)490-5620, live chat with a certified counselor right now, or email CCCSreception@PartnershipFCA.com!