Financial Planning for Generation X & Y Women
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Expert Q&A Archive

Do debt management companies take all debt into consideration when consolidating?
I’m Florence King, and I conduct free monthly seminars on financial literacy and credit education. I usually refer some of my class participants to consumer credit counseling or some debt management program. And a lot of them will call me back if they’re experiencing debt, and they mention that [the programs] do not really take all debt. Could you explain that to me? Do they address old or new debt?
Delores Lenzy - Jones, CPA, CIA:
expert info »
The Debt Consolidators should be able to consolidate old or new debt.
Joan Koonce, Ph.D:
expert info »
Consumer Credit Counseling Services (CCCS) work with creditors to come up with repayment plans that will allow borrowers to pay off their debt by making smaller payments they can afford. In some cases, creditors may lower or eliminate interest charges; however, creditors do not have to agree to the proposed repayment plans. Usually CCCS have creditors that have agreed to work with them on modified repayment plans with or without reduced or eliminated interest charges, but not all creditors choose to do so. Joan