Repayment of loan
Cooperating with Consolidated Credit, the client only needs to pay a monthly debt management fee in the amount of no more than $79. At the same time, they still need to pay off the loan. The company's job is to decrease interest rates on customer loans and not exempt them from payments. You should concentrate on loan repayments, so that debt management is useful for you and helps you get out of the debt cycle.
Fees and penalties
Consolidated Credit has only one fee - a monthly debt management fee.
The Uniform Debt Management Services Act of 2005 governs the credit counseling service industry. According to this act, regardless of which not-for-profit credit counseling organization the consumer chooses, the monthly fee for them will be the same. These are a few aspects related to the monthly fee that relate not only to Consolidated Credit but also to other similar agencies:
The monthly fee will never exceed $79.
The monthly fee amount depends on the consumer's state of residence.
All credit counseling agencies, including Consolidated Credit, are not-for-profit organizations, so monthly fees are not taken for companies' profit.
Consolidated Credit evaluates each client's budget and financial situation to set a monthly fee that they can afford. The average fee amount of a Consolidated Credit client is about $40. The fee amount you will receive may be more or less, but it will not exceed $79
