Suggestion for Debt Management !!

Submitted by Jorden Andrew on Thu, 07/30/2009 - 09:48

Anyone give me some comments about my question.

After the Debt Management Plan is set up can I still use a credit card or apply for car finance if I budget for it?

Thanks in Advance.

Hi Jorden

Normally when you are in a debt management plan the counseling company asks you to sign an agreement that you will not use your credit card while you are in to debt consolidation. However, some companies allow this in case of emergencies.

Thu, 07/30/2009 - 10:17 Permalink

Jorden, Most will do as Carol suggest and ask you to not open up anymore credit accounts. Sometimes if a person voids this agreement they can be dropped from the program. Finally, please note that debt management will show up on your credit report, potentially making further credit more expensive and / or harder to obtain for 6 years. This is not saying you should not do it. I just wanted to make sure you were aware of this fact.

Thu, 07/30/2009 - 12:23 Permalink

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