When the option of debt management is brought up as a means of debt relief the more in the know will immediately highlight the major flaw of going on such a program.
Yes of course getting a management company to negotiate with your creditors, lower your monthly payments and reduce the overall amount you owe will put a few noses out of joint. And in turn the creditors will report that back to the scoring companies who will put negative marks on your credit score.
So why do people do it? And more to the point why are there so many debt management companies out there making such good living out of it?
Obviously if your debt problems are not verging on declaring bankruptcy and youre not having trouble making payments every month then knowingly harming your credit score just to lower your payments and overall amount isnt the cleverest of moves.
But what if youre missing payments every month, juggling who to pay in an attempt to stay afloat and keep the wolf from the door? If youre missing and making late payments regularly then your credit score is taking a hammering anyway and you obviously cant keep up with all the obligations each month....
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