[et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_row admin_label=”INTRO” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
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Getting out of debt requires a plan. Here, you\u2019ll learn what a Debt Management Plan is, how NFCC-Certified Credit Counselors can support you, and what steps you can take today to create a path toward financial stability.<\/p>\n
Savvy Ladies is pleased to partner with the National Foundation for Credit Counseling (NFCC)<\/strong>, a trusted non-profit organization offering debt management counseling and program services with their NFCC Member Agencies.<\/p>\n [\/et_pb_text][et_pb_blurb admin_label=”Quote” _builder_version=”4.27.4″ _module_preset=”default” body_font_size=”20px” global_colors_info=”{}”]<\/p>\n \u201cTaking control of your debt today by working with a respected partner isn\u2019t just about relief\u2014it\u2019s about reclaiming your future. Let the right debt-management company help you turn today\u2019s burden into tomorrow\u2019s freedom.\u201d\u00a0<\/span><\/p>\n -Savvy Ladies Helpline Volunteer, Chris Blakely, CFP<\/span><\/em><\/p>\n [\/et_pb_blurb][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n While debt can be overwhelming, working with a NFCC-Certified Member Agency Credit Counselor can give you the guidance and support you need to take control of your debt and create an actionable plan for a better financial future.\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Row” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https:\/\/www.nfcc.org\/savvyladies\/” url_new_window=”on” button_text=”Connect with the NFCC” admin_label=”Button” _builder_version=”4.27.4″ _module_preset=”default” button_text_color=”#ffffff” button_bg_color=”#017F5F” button_border_color=”#017F5F” custom_margin=”10px||20px||false|false” custom_padding=”5px||5px||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”About NFCC and Debt Management Plans” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n NFCC is a non-profit membership organization. Membership in the NFCC is predicated upon quality organizations providing quality services. Independent quality standards and control measures ensure members adhere to the values and best practices of the NFCC. Currently, the NFCC recognizes the following accreditation standards: Council on Accreditation (COA) Credit Counseling Standard; Independent Standards Organization (ISO) 9001; Credit Counseling membership.<\/p>\n Member Agencies offer solutions to pay down debt and achieve financial security, without loans or hidden fees.<\/strong> NFCC-Certified Credit Counselors can help you with your unsecured debt (like credit card debt). The agencies outline a Debt Management Plan (DMP)<\/strong>, where you as the client make a single monthly payment to the agency, which then distributes funds to creditors, often after negotiating reduced interest rates and fees.<\/p>\n NFCC Member Agencies are formally accredited to ensure service quality and must provide timely, accessible, and nondiscriminatory counseling, including transparent DMP terms.<\/p>\n A Debt Management Plan (DMP) is not a loan, but a structured program offered by NFCC Member Agencies to help you pay down debt<\/strong> and regain financial stability. With the guidance of a NFCC-certified, credit counselor, you\u2019ll receive personalized support to review your situation, create a manageable budget, and determine if a DMP is the best option for you.\u00a0<\/span><\/p>\n A Debt Management Plan is defined as an agreement between you, the client and a member agency to assist you in repaying all unsecured outstanding debt. DMP agreement forms must include the client\u2019s expectations and responsibilities, an enumeration of the debts, a proposed payment for each creditor, the total debt owed, and a statement of the client\u2019s right to cancel the agreement.<\/span><\/p>\n A DMP with a NFCC Accredited Agency includes the following key requirements:\u00a0<\/strong><\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https:\/\/www.nfcc.org\/savvyladies\/” url_new_window=”on” button_text=”Connect with the NFCC” admin_label=”Button” _builder_version=”4.27.4″ _module_preset=”default” button_text_color=”#ffffff” button_bg_color=”#017F5F” button_border_color=”#017F5F” custom_margin=”10px||20px||false|false” custom_padding=”5px||5px||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Debt Relief Options” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n There are four main ways to pay off debt:\u00a0<\/span><\/p>\n It\u2019s important to understand their differences, as well as their benefits and risks, before you decide what option is right for you.\u00a0<\/span><\/p>\n Debt Management Plans<\/b> are carried out by nonprofit counseling agencies that structure a repayment plan, helping you lower your interest rate and monthly payments without harming your credit score. This approach is only available for unsecured debt (mainly credit cards).<\/span><\/p>\n Debt settlement<\/b>, on the other hand, is a risky option that involves paying a for-profit company to negotiate on your behalf. These companies charge high fees for their services, which are usually a percentage of the debt, and are not obligated to successfully settle your debt. While you wait for negotiations, interest and late fees continue to accrue and your credit score is negatively affected, potentially leaving you in a worse position if negotiations fall through.<\/span><\/p>\n Debt consolidation<\/b> is another option, allowing you to combine multiple debts into a single loan or credit line. While it can simplify payments and may reduce interest rates, it typically requires good credit to qualify and does not address underlying spending or budgeting challenges.<\/span><\/p>\n Bankruptcy<\/b> is a legal process that can discharge or reorganize debt when repayment is no longer realistic. It can provide a fresh start, but it also has long-term credit consequences and may involve loss of assets, making it a last-resort option for many.<\/span><\/p>\n When it comes to unsecured debt, the more favorable option is a Debt Management Plan.\u00a0<\/span><\/p>\n Learn more about the different debt relief options available below and <\/span>in this article<\/span><\/a>.<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Comparison Table” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n <\/p>\n Debt Settlement<\/b><\/p>\n A for-profit company hired by you negotiates with creditors and debt collectors on your behalf to pay less than the total owed. It\u2019s the riskiest option.<\/span><\/p>\n<\/td>\n Bankruptcy<\/b><\/p>\n Legal process in which some or all debt is discharged (forgiven) or restructured via court. Two types: Chapter 7 (faster, but need to qualify) and Chapter 13 (must complete a three-to-five year repayment plan)<\/span><\/p>\n<\/td>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Why Choose the NFCC, How it Works” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Yes. While NFCC-member agencies offer an initial free credit counseling and educational resources, there are <\/span>low-cost administration fees<\/b> that the member agencies charge for specific services – these fees vary depending on the agency and state laws. You may be able to qualify for a fee waiver for bankruptcy counseling or for your Debt Management Plan (DMP) based on your income or military service, so make sure to inquire and ask!<\/span><\/p>\n When you submit your details via their website, the NFCC will connect you with a Member Agency based on your location and the type of counseling you need. The Agency you\u2019re matched with then will contact you, typically within 48 hours, to begin the process and discuss your options.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https:\/\/www.nfcc.org\/savvyladies\/” url_new_window=”on” button_text=”Connect with the NFCC” admin_label=”Button” _builder_version=”4.27.4″ _module_preset=”default” button_text_color=”#ffffff” button_bg_color=”#017F5F” button_border_color=”#017F5F” custom_margin=”10px||20px||false|false” custom_padding=”5px||5px||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Helpline” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Savvy Ladies Free Financial Helpline can be used alongside the NFCC to help guide you and answer any questions that come up along the way. You can always submit a question to the Helpline here<\/a>.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" \u00bfQuiere tomar el control de sus deudas? Descubra c\u00f3mo nuestros socios de la Fundaci\u00f3n Nacional para el Asesoramiento Crediticio (NFCC) pueden ponerle en contacto con un asesor crediticio certificado por la NFCC y ayudarle a crear un plan de gesti\u00f3n de deudas.<\/p>","protected":false},"author":8,"featured_media":50539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"_et_pb_use_builder":"on","_et_pb_old_content":" Savvy Ladies is pleased to partner with the National Foundation for Credit Counseling(NFCC), a trusted non-profit organization offering education and counseling services to Americans for more than 70 years.\u00a0<\/span><\/p> Debt management can be overwhelming. Working with a NFCC-Certified Credit Counselor can give you the guidance and support you need to take control of your debt and create an actionable plan for a better financial future. Putting the consumer\u2019s interest first, NFCC Member Agencies offer proven solutions to pay down debt and achieve financial security, without loans or hidden fees. NFCC-Certified Credit Counselor help by providing free and low-cost support, judgment-free advice, professional tips tailored to your situation and expertise on credit scores, budgeting, debt management, homebuying, student loans and more.<\/span><\/p>What is an NFCC Member Agency?<\/b><\/h2>\n
What is a Debt Management Plan (DMP)?<\/b><\/h2>\n
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Debt Management Plans vs. Other Debt Relief Options<\/b><\/h2>\n
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\n Debt Relief Option<\/td>\n Pros<\/td>\n Cons<\/td>\n<\/tr>\n \n \n \n \n
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\n Debt Consolidation<\/b>
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<\/span>Rolling multiple debts into one by taking a new loan or credit card (balance transfer)<\/span><\/td>\n\n \n
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\n \n \n \n
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\n Debt Management Plan<\/b>
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<\/span>Repayment program managed by a nonprofit credit-counseling agency.\u00a0 You pay one monthly amount and they distribute it to creditors.<\/span><\/td>\n\n \n
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Why Choose the NFCC<\/strong><\/h2>\n
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How it Works<\/strong><\/h2>\n
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Do NFCC Member Agencies charge fees for counseling services?<\/span><\/h3>\n
How do I get matched with a NFCC Member Agency?<\/span><\/h3>\n
Savvy Ladies Helpline is always available to answer any additional questions<\/b><\/h3>\n
The National Foundation for Credit Counseling, a trusted Savvy Ladies Partner, can help you get the Debt-Management Guidance you deserve.<\/span><\/h3>