You then make one monthly installment to the credit
November 15th, 2008
You then make one monthly installment to the credit counseling agency and they then make your payments to each one of your creditors on your behalf. The down fall to this method is even though they lower the interest rate on your credit card accounts you could still pay back as much as 120% of what you currently owe. The credit counselors are no where near as the debt settlement people.
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