Are you tired of living with the stress and anxiety that goes along with credit card debt? Stop suffering. GreenPath Financial Wellness specializes in working with people to eliminate credit card debt.
If you want to eliminate credit card debt and reduce financial stress, you may find debt relief through GreenPath’s Debt Management Plan. If appropriate for your situation, GreenPath will contact your creditors to propose mutually agreeable debt repayment terms. GreenPath’s Debt Management Plan may:
• Stop collection calls
• Lower interest rates
• Lower monthly payments
• Waive late fees and over limit fees
People often struggle to eliminate credit card debt. They make monthly payments, but their balances don’t decrease because they incur additional interest charges, late fees and over limit fees. They feel like they’re on a debt treadmill — working hard, but making little progress.
A GreenPath Debt Management Plan could enable you to pay off your credit card debt quicker, while saving lots of money in reduced interest charges.
On a Debt Management Plan, you would consolidate debts into one payment to GreenPath. Each pay day, you automatically deposit money to your GreenPath account using electronic funds transfer. We use that money to pay your creditors on your behalf.
Last year, GreenPath repaid nearly $300 million on behalf of about 45,000 people who worked to eliminate credit card debt with a Debt Management Plan.
This isn’t debt settlement. You will pay off credit card debt balances within five years. And, if we can lower your interest rates, the total amount you pay to the credit card companies will typically be much less than if you paid on your own. Use our credit card debt calculator to compare paying on your own versus paying through a Debt Management Plan.
Suze Orman discusses Credit Counseling, Debt Management and Debt Settlement.
Which creditors do you work with?
All of the major credit card companies offer debt repayment concessions through GreenPath on a case-by-case basis. We work with most creditors throughout the U.S., including banks, credit unions, retailers, medical providers, auto finance and collection agencies. Creditors typically lower interest only on unsecured debt, such as credit cards.
How much does a Debt Management Plan cost?
Debt management plan fees vary based on your state of residence and debt amount. GreenPath charges a one-time set up fee that ranges from $0 to $50. We also charge a monthly fee that ranges from $0 to $75. Our average monthly fee is about $36. This is typically far less than the amount our clients save in waived late fees, waived over limit fees and reduced credit card interest charges.
Can I still use my credit cards on a Debt Management Plan?
Credit cards on the Debt Management Plan must be closed. However, creditors will usually allow you to continue using one credit card for emergencies, work and travel purposes.
Does GreenPath work for the credit card companies?
Absolutely not. GreenPath is a neutral third-party that works in your best interest. Many creditors support our work because they believe it is a “win-win” solution that results in positive, long-term benefits for them and their customers.
Will a Debt Management Plan hurt my credit score?
The Debt Management Plan itself is not reported to credit bureaus and does not factor directly into credit scores. Your score may initially dip when lines of credit are closed. However, many people on a Debt Management Plan see their scores increase over time as they make on-time payments each month.
How long will it take to pay off my credit card debt?
The length of a Debt Management Plan varies based on your unique situation. Clients that eliminate credit card debt usually do so in three to five years.
Am I required to sign a contract if I begin a Debt Management Plan?
You will not be asked to sign a binding contract. You would sign an agreement that specifies the program details and gives us permission to pay bills on your behalf. However, the agreement is not a binding contract and you can stop the program at any time.
Can I contact someone at GreenPath if I have questions or concerns about my Debt Management Plan?
Yes, absolutely. We will periodically contact you to see how you’re doing. But you may contact your personal counselor or account maintenance coordinator at any time for any reason.
What is the difference between a Debt Management Plan and a Debt Repayment Plan?
A Debt Management Plan is a type of debt repayment plan.