What is a Credit Card Management Plan and how does it work?
By the standard financial definition, involves a designated third party assisting a debtor with repayment of is or her debt. Credit Card Management (CCMS) or Credit Card Management Plan (CCMP) are designated to help people with heavy debt and high interest rates get their financial situation under control. A simpler definition or a CCMS is a structured repayment plan set up by a designated third party as a result of personal initiation.
A CCMS plan entails a series of steps, which third party service works on with the help of the debtor. The first step typically involved compiling a list of all creditors and the amounts owed to each. Some creditors are not eligible to be included in a CCMS, and typically , secured debt such as car loans and home loans are NOT included.Here are some of the requirements and guidelines for a consumer to participate in a CCMS. Decision One Solutions will run a free analysis to see exactly how much money the customer will be saving. The program will also show how much interest will be saved as well as the amount of time it would take to be debt free. Depending on the debt amount it varies.
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