This is an approved, non profit credit counseling service, so it’s legit. NFCC is a non profit organization that was set up by the credit card industry to offer assistance to people who are struggling to pay their credit card debt. . . and who may by considering filing for bankruptcy. They can offer reduced payments and interest (but NOT settlements for less). http://www. nfcc. org
As a general rule, they can reduce your total monthly payment down to 2% of your total debt. . . so with 10K in credit card debt. . . your total payment would roughly be $200. They can also reduce the interest to around 10%
- Enrolling in this program involves closing all your credit cards so that you can’t use credit again. Your credit report will get updated to “enrolled in debt management. ” This does not specifically damage your credit. . . but it will make it hard to get any sort of new credit. . . like being approved for a car loan.
- Some people on this board mistakenly state that this is a government agency. . . it is not.
- NFCC is a good program if you are just at the point of getting over your head with debt. If your cards are near/at or past the point of default, then you are far better off trying to negotiate settlements directly with your creditors. . . assuming you have the money up front to settle in the 25 – 50% range.
Nobody gets out of debt fast. It is an arduous process but well worth the effort.
This is an approved, non profit credit counseling service, so it’s legit. NFCC is a non profit organization that was set up by the credit card industry to offer assistance to people who are struggling to pay their credit card debt. . . and who may by considering filing for bankruptcy. They can offer reduced payments and interest (but NOT settlements for less). http://www. nfcc. org
As a general rule, they can reduce your total monthly payment down to 2% of your total debt. . . so with 10K in credit card debt. . . your total payment would roughly be $200. They can also reduce the interest to around 10%
- Enrolling in this program involves closing all your credit cards so that you can’t use credit again. Your credit report will get updated to “enrolled in debt management. ” This does not specifically damage your credit. . . but it will make it hard to get any sort of new credit. . . like being approved for a car loan.
- Some people on this board mistakenly state that this is a government agency. . . it is not.
- NFCC is a good program if you are just at the point of getting over your head with debt. If your cards are near/at or past the point of default, then you are far better off trying to negotiate settlements directly with your creditors. . . assuming you have the money up front to settle in the 25 – 50% range.