Answers to your credit questions start Monday

Thank you for your credit questions.

Today, I met with Suzanne Boas, president of Consumer Credit Counseling Service of Greater Atlanta, to discuss what she and her staff have been dealing with during this recession. I’ll be writing a column about that for next Tuesday.

Her organization is going through your questions now, trying to select about 15 that apply to the most people.

Answers to those questions, about two or three a day, will begin appearing in this blog Monday. Stay tuned.

2 comments Add your comment

UGA Dawg 2025

July 21st, 2009
2:49 pm

what is the over all impact of using CCCS and how long once your on or off there program can you start to see your credit repair/rebuilding score start going back up in positive numbers ?

Credit counselor

July 28th, 2009
12:08 pm

For individuals and families who are overextended, CCCS offers assistance through its Debt Management Plan (DMP). The DMP is a systematic way to pay down your outstanding debt through monthly deposits to CCCS, which in turn distributes these funds to your creditors. CCCS works with clients and creditors alike to design a debt repayment program that can minimize monthly payments, interest and related fees, providing a manageable, tailored plan for each of its clients.
By participating in this program, you may benefit from reduced or waived finance charges and fewer collection calls, and when you have completed your payments, we’ll help you reestablish your credit. Ultimately, DMPs serve the dual purpose of helping you repay debts and helping your creditors receive the money owed them.
It takes approximately 36-60 months to repay debts through a DMP. Your accounts with creditors will always be credited with 100 percent of the amount you send CCCS each month, and we’ll work with all of your creditors, regardless of whether they contribute to the agency. For those with considerable debt problems, entering into our Debt Management Plan is an effective first step on the road to a financially stable, debt-free life.
If you enroll in a Debt Management Plan (DMP) and you try to apply for a new line of credit you may be denied. This is because creditors may view a DMP negatively because it signifies that you chose to seek assistance with re-paying your existing debts. This is why we do not recommend applying for credit while on a DMP unless it is for a home or car after one year of consecutive payments. In the long term though, consistent payments made through the DMP will help you rebuild your credit rating.