Paying Bills For You - Some debt management services use a hands-on approach to your financial problems. They design a program in which you deposit money once a month into a trust account. When your monthly bills come due, the debt management firm pays them for you. This type of service allows you to make one monthly payment while letting the debt management service take care of the rest. Many times these companies will call your creditors and get monthly payments and interest rates lowered. This hands-on type of debt management program is usually exclusively for people in serious financial trouble.
Help With Budgeting - Another free debt management program uses some of the same payment lowering techniques, however it is their last resort. First, these programs take a look at your individual financial situation. They closely examine the cash flow that comes in and goes out of your household. Next, they help you create a budget and assist you with some actual credit counseling. Their goal is to correct the problem at it's source. If you need additional assistance, they can contact your creditors as well.
Non-Profit Help - The last type of free debt management service is purely nonprofit. Many of these programs are offered as charity services. They assist you in creating a budget that will work for your unique situation. Sometimes these programs are run through churches or other nonprofit organizations. These free debt management services will not contact creditors and get your monthly payments lowered, but they can help you manage the payments you have.
Choosing a free debt management program all comes down to personal preference. Each of the different services have benefits and drawbacks. The bottom line is: you don't necessarily have to pay a fee to get quality debt management services.
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