A debt management company can help consumers get rid of up to half their unsecured credit card debt and some claim even more. Consumers can do it themselves, but not everyone feels confident enough to take on the credit card companies. There are many unethical companies in the debt management business; therefore, it's important to conduct some research before signing on with any of them.

What is a Debt Management Company?

A debt management company acts as a middleman between the client and the credit card companies. Debt management companies help lower a consumer's debt by negotiating with the credit card companies, on their clients behalf, to lower credit card debt. According to Dave Ramsey, on October 25, 2004 in the article "The Truth About Debt Management Companies", "When you use one of these companies and then try to get a Conventional, FHA, or VA loan, you will be treated the same as if you had filed Chapter 13 bankruptcy. Mortgage underwriting guidelines for traditional mortgages will consider your credit trashed, so don't do it."

However, some people see no other way out. They don't want to file bankruptcy, but they've gotten in too deep, so they start answering those dinnertime telemarketing calls. The truth is that a good company will negotiate a no damage to credit clause. Although your credit will be compromised for a while, the credit card company will agree to settle with paid-in-full and all bad marks will be removed from your credit. Insist that any company you work with negotiate this for you. They do it all the time.

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