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Debt management plan through consumer credit counseling services may help even older consumers
01/08/2010
Despite how old a person might be, consumer credit counseling is something people should consider if they are having problems with trying to pay off debt.
That's the advice of Bankrate.com's Steve Bucci, who recently received a letter from a reader whose 70-year-old father-in-law has a credit score of 450 while also having no savings or investments.
Bucci noted that assuming the father-in-law is willing to do so, going to a credit counseling service could provide a number of services, including budgeting or a debt management plan.
"His counselor will thoroughly review his financial situation and make recommendations giving him all his options," Bucci wrote.
One of those options may be a debt management plan, which Bucci said can help a consumer eliminate their unsecured debt in about five years. Debt management plans can help consumer by lowering interest rates on debt while also making payment easier through a single bill.
However, other experts have noted that in order for a debt management plan to work, consumers have to avoid taking on additional debt. Doing so will only make matters more difficult, so consumers should put their credit card away when trying to pay down debt.
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