Debt Management and Credit Card Debt Relief Success Hinge on Cards Used, Says Accelerated Debt Consolidation

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For optimum credit card debt relief or debt management, using the right credit cards determines how much time it will take to pay off the entire debt, according to new findings by Accelerated Debt Consolidation, Inc.

The wrong credit cards can result in much longer payoff times for consumers if and when a credit card debt relief or debt management program becomes necessary, according to Jim Young of Accelerated Debt Consolidation, Inc.

Credit consumers often don’t realize which credit cards offer the best rates in the Debt Management Program and they sometimes run up large balances on the wrong cards. For example, many store cards like Lowes, Walmart, JC Penney and others are issued by a finance company that does not offer very good rates in the debt management program. Some of the finance companies behind many of these large department stores will only reduce rates in the Debt Management Program by 25 percent. So if a consumer has an account with one or more of these companies with a high balance of $10,000 that rises to 24 percent, they will only get 18 percent in the Debt Management Program. If the consumer used their Chase card, for example, when shopping at some of these retail stores and ran up a $10,000 balance that went up to 24 percent, the Chase account would drop to 6 percent in the program and get paid off much faster.

Some of the more consumer-friendly banks, as it relates to the Debt Management Program, that issue credit cards, are Bank of America, Chase, Citibank, Target, Discover, Capital One and HSBC. There are others that can be found on the Web site below at The chart on this Web site lists the percentages of balances that these creditors require in the program and the interest rates they offer through the Debt Management Program. Some creditors have varied rates such as Discover and Bank of America; however, Discover is currently granting a Debt Management rate of 6.9 percent and Bank of America grants rates of between 1 percent and 4 percent most of the time and accepts a lower monthly payment through the DMP than the others. As is always the case, the sooner consumers start investigating what their options are for paying off high interest credit card debt, the more options for credit card debt relief they will have available to them.

When consumers start to reach about 30 percent of their available credit limit, that is the time to start exploring what options are available to them for credit card debt relief. As was mentioned in a previous article, the sooner consumers seek professional debt counseling; the better their chances are of maintaining their good credit rating and finding ways to pay off what is owed much faster. If consumers seek counseling in the earlier stages of their debt accumulation, they may have the ability to first transfer balances to more consumer-friendly banks like the banks mentioned earlier and their monthly payments will be lower. The bottom line is that credit consumers that seek professional debt management counseling will always be in a position to take advantage of more options for lowering their debt load sooner and may find that they have taken action before a credit card debt relief program is even necessary.

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