If I go on a Debt Management Plan, how long until Im debt free?
Most of our clients are debt free in 4-5 years after going on our plan. Contrast that with how long it takes to get out of debt at the rate youre going now. For instance, the average American household currently has $9,000 in credit card debt. Assuming you make a minimum monthly payment of 2% of balance (which is standard) at an annual interest rate of 18% (pretty common), youll have that $9,000 paid off in 47 years! And, thats if you never charge anything else, and never miss a payment! Whats perhaps even worse is that youll have paid $32,994 for that debt, with $23,994 going into your creditors pocket. Ouch!
