Question 1

How much does it cost for a debt management program?

Accepted Answer

Debt Management Program set up fees and monthly fees vary based on your state of residence and debt amount. On average, GreenPath clients are charged a one-time enrollment fee of $35 and a $28 monthly fee. This is minimal considering the amount of money our clients typically save in waived late fees, waived over limit fees, and reduced credit card interest charges.

Question 2

Which creditors do you work with?

Accepted Answer

We work with most creditors throughout the U.S., including banks, credit unions, retailers, medical providers, auto finance and collection agencies.

Question 3

Can I still use my credit cards on a debt management program?

Accepted Answer

Since the goal of a debt management program is to pay off debt, the credit cards enroll in the program will be closed. Most creditors will usually allow you to continue using one card for emergencies and travel.

Question 4

Will a debt management program hurt my credit score?

Accepted Answer

GreenPath does not contact the credit bureaus when you enroll in a debt management program. However, because you will be closing lines of credit during the enrollment process, your score may dip. But over time, most people see their scores increase, because they are making payments in-full and on-time each month.

Question 5

Are debt management programs differ from debt settlement?

Accepted Answer

Yes, they are different. Debt management plans are designed to pay off the entire amount you owe in 3 to 5 years. If we can lower your interest rates, the total amount you pay to your credit card company is typically less than if you paid on your own. Debt settlement typically involves requesting credit card companies to forgive a portion of your debt in exchange for a lump sum payment.

Financial Counseling

Housing Services

Resources

About

Search results for: “saving”

Episodes Topic: Credit Card Debt

Your Money Guide

Renter Counseling

GreenPath Financial Wellness – Consumer Affairs

Graduation, Moving, and Weddings: How to Handle Life’s Big Expenses

Real $tories Episode 73: Sylvia

About Us

Financial Calculator Tools

MLK Day Service Ideas: Honoring MLK Through Simple Ways to Support Financial Wellness in Your Community