Debt Elimination Success Seminar
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Section 1
A Look at Debt
History of Debt
Credit Card History
Current State of Debt
How You Got Into Debt
Good Debt Bad Debt
Business vs. Personal Debt
Section 2 Dealing With Your Money
The Two Step Plan
Doing The Two-Step
Step One
Step Two
The Paths Out of Debt
1- Create a Debt Payment Plan
2- Neogtiate Better Rates & Terms
a.Consolidation Loans
b.Consumer Credit Counseling Services
3- Negotiate Lump-Sum Settlements
4- Bankruptcy
5- The Easy Way
6- Win $1,000,000
Living Debt-Free
Manage Your Money
Make More Money
Save Money
SameMoney-MoreFun
Stay Debt-Free
You as a Business
Section 3 Dealing With Your Creditors
Alerts/Scams
The Credit Industry
Credit Industry
The Fine Print
The Secondary Debt Market
The Debt Collection Process
Original Creditor
The Charge-Off
Collection Agency
Legal Problems
Dirty Creditor Tricks
Dealing with Debt Collectors
Dealing with Debt Collectors
Statute of Limitations
Cease and Desist Letter
Section 4
The Credit Report
The Credit Report
Credit Score
Credit Repair
Section 5
Dealing With Yourself
The Critical Factor
The Art of Prosperity
The End of Failure
Prosperity Coaching
Section 6
Kids and Money
Kids and Money
How to Pay for College
Section 7
Debt Information
Bookstore
Debt Facts
Radio Show
Resources
About Us
Privacy Policy
Site Map
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Consumer Credit Counseling Services |
Host: Tom Allen
Guest: Howard Dvorkin from Consolidated Credit Counseling Services
Segment 2
Tom: I’m Tom Allen, and I hate debt. I invite you to make the decision today to join with me in living a debt-free and prosperous life. The task of dealing with your credit card companies can be daunting. Don’t you wish you had someone to stand up for you and give you some help? Well, now you can. Howard Dvorkin from Consolidated Credit Counseling Services is here to explain how you can get out of debt fast and get help doing it. Howard, it is just so easy to get into debt, and it can seem almost impossible to get out of debt. What exactly does Consolidated Credit Counseling Services do to help us get out of debt, and why is it so effective?
Howard: Consolidated Credit Counseling is a nationally recognized education institution. Our job and our mission is to educate people, who may be financially challenged, to get out of debt and stay out of debt. We do that by a number of ways. One of the most popular ways is offering the services of our debt management plan. What a debt management plan is, Tom, is a plan where people can systematically liquidate their debts by paying an overall lower amount to their credit cards, but at the same time lowering the interest and finance charges that they are currently paying. This will allow them typically to eliminate debt in a third of the time it would normally take a consumer to liquidate debt if they were doing this by themselves. What we do is—well, the first part is that people have to pick up the phone!
Tom: Right! (laughs) And what is the number?
Howard: Pick up the phone and call 1-800-SAVEME2 (1-800-728-3632), or they can simply go to our website at ConsolidatedCredit.org.
Tom: ConsolidatedCredit.org, or, what’s the number?
Howard: 1-800-SAVEME2, or 1-800-728-3632.
Tom: Okay.
Howard: Now, they have to pick up the phone, they have to contact us.
Tom: They have to make a decision: you want to get out of debt and you have to take some kind of action.
Howard: Absolutely. And you have to realize that thousands of people call us everyday for help. And some people qualify for this program, and some people don’t need a program of this extent, they just need good advice and a friend to call to get it where that advice is not influenced by anything other than the desire to help people get out of debt. Basically, when somebody contacts our office, they are going to go through and chat with a Certified Credit Counselor, someone that has been working with us for quite some time, that is certified by a national association and that has experience dealing with certain situations. But more importantly, they have experience because they’ve been in those situations. The majority of our counselors have been challenged at some point in their life with financial issues. So I think that creates a better, more empathetic counselor.
Tom: That’s how I got most, if not all, of my experience—personal debt.
Howard: Exactly. So people don’t have to be afraid that the person is so high and mighty that they don’t understand where you’re coming from.
Tom: And Howard, if I might, I think that is so important, because one of the biggest things that stops folks from making the decision to get out of debt is fear and shame that they may be the only ones, or it’s going to be embarrassing to talk about the situation. I will just say, take a deep breath, drink a glass of water, and pick up the phone or get on the internet, because there are people out there who’ve been through this, who are trained to help, and the worst thing you can do is nothing.
Howard: The fact is, Tom, that we help millions of people. Over the course of the years, I can’t even guess how many people, but I would estimate that it’s over 10 million people that we’ve assisted in one way or another over the past decade or so. Our counselors are going to go through that person’s budget; they are going to go through and look at their income and see if there is any place where they can generate more income, make suggestions. They are going to go through their expenses and see if they can save the person some money by going through and putting ratios in order and making sure that the person is not spending too much going out to dinner every night…
Tom: (laughs) Yes.
Howard: Making sure that they are not over-insured with car insurance or even life insurance, make suggestions and hopefully those suggestions will be taken for what they are: suggestions. But obviously, it’s from an outsider’s view. Once that’s done, we have a household budget. Then we look at the debt and we explore the debt to figure out what we should to with the debt, how to liquidate it in an orderly manner, and basically going through and prioritizing what needs to be paid. Once that’s done and we come up with the payment, we are able to go through and tell the person pretty close, for the most part, where their payment’s going to fly. And we are going to set them up on a payment plan where once a month, they’re going to make a payment to our offices, and every single month, we are going to go through and disburse that payment out. In the meantime, before we start pushing money out, we negotiate with their creditors to make sure that the person’s payment is reduced substantially, that interest is either waved or reduced, and make sure that their not getting assessed late fees or over-limit fees. Once that’s done, and the person is put on this payment, the balances start to decrease. Now it’s not a quick-fix program; it takes time, it takes patience. So by the end of three and a half or four years, you are either out of debt or darn close to being out of debt.
Tom: Of course, if you only make your minimum monthly payments, you can turn that three to four years into thirty to forty years without a problem.
Howard: Absolutely, because right now, if a person is making the minimum payment, 70-75% of that payment is going to interest and interest only. With our program, Tom, 75% goes to pay principle. You’ll still be assessed a little interest, but nowhere near what you’re paying now. So more money going towards principle means more money to reduce your bills and less interest. It’s as simple as that.
Tom: From a practical standpoint, how is that accomplished? Why would a credit card company that’s charging 16-18-24% interest be willing to reduce the interest so dramatically to help someone get out of debt?
Howard: That’s a great question. Tom, essentially, when somebody comes to credit counseling, they don’t come just to come. Nobody wants to be in credit counseling (laughs); they come for a purpose, to say, “Hey, I’ve got a problem here. Help me get out of debt.” If they’re coming to Consolidated Credit Counseling, we’re going to put that person through those various tests. Some qualify for our debt management program and some don’t. Those that qualify, the creditor—because of our long-standing relationship—is aware that this person needs help and that this person needs to liquidate debt. So there are programs set up within the credit card companies and all the loan companies that allow us to go through, negotiate, and try to lower the payments and lower the interest rates. Why do they do that? Because they feel that it is their duty, since they helped the consumer get into debt, they need to help the consumer get out of debt. So they are well-versed in this practice. Quite frankly, this practice has been around for 40 years. The problem is that the last 30 years, nobody knew about it!
Tom: (laughs) Okay.
Howard: Now it’s becoming more popular, so when people say, “We’re really ashamed that we have to get help,” the fact of the matter is that it’s been around, and people have been going through services such as Consolidated Credit Counseling for forty years.
Tom: I think most people would prefer to pay off their bills than to not pay them off or to go bankrupt, so this can be a great way to get out of a situation while still meeting your obligations.
Howard: Just remember, the person 40 years ago that may have attempted to go through a credit counseling agency but chose not to, may still be in debt 40 years later.
Tom: They may be! When we come back, we’re going to find out how Consolidated Credit Counseling services can help us get through that program, tips on making it through the program and getting out of debt. For more information on getting and staying out of debt, visit IHateDebt.com. I’m Tom Allen, and I hate debt.
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Consumer Credit Counseling Services
Listen to the I Hate Debt Radio show interview withHoward Dvorkin from Consolidated Credit Counsleing Services How Consolidated Credit Counseling Services Can Help
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