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How is the monthly payment calculated in a debt reduction program?

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If you go with a debt reduction company, how do they calculate your monthly payment to them?

Are you referring to a debt management plan or to a settlement company? With a debt management plan, your payments will probably be about the same as what you are currently paying for minimums, give or take a bit. However, you will probably get lower interest rates, and therefore pay your balances off sooner. With a settlement company, it depends how long the program is for and what percentages the settlement company thinks they can settle for, plus what their fees are.

Sub: #1 posted on Sat, 08/16/2008 - 20:00

alias1958 alias1958

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