Interestingly enough, we at Synergy Debt Group discovered that only seven out of 100 people we counsel are qualified candidates for our debt management program. Our program isn't for those who already have reasonable credit card rates, pay them down each month, and are easily handling their finances. We congratulate and gladly encourage them to keep on doing just what they’re doing. And it’s also not for those who have fallen significantly behind on their payments and already in collection. They would benefit more from a debt settlement company that negotiates with creditors to settle their accounts for an amount potentially much lower than the outstanding balances.
The ideal candidate for debt management is one who is near or reached his or her credit limits, is on the cusp of falling behind, and stressing over the ability to make even the minimum payments.
Being a few days past the grace period (usually ten days) and paying a late fee does not reflect on your credit. Only when you’ve gone more than 30 days past the due date will it hurt your credit rating.
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