 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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| Kansas |
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With credit card debt on the rise, so too are the number of people who are seeking solutions like debt consolidation and consumer credit counseling. Although many have seen successful outcomes to their money troubles, others are less fortunate. For starters, many have chosen a type of debt reduction that is not suitable for their particular situation. Others have chosen the wrong company. There are two types of debt consolidation programs: credit counseling and debt settlement. In Kansas, most of the companies operating are credit counseling agencies. (The laws in Kansas make it difficult for debt settlement companies to operate legally there). Credit counseling involves working with creditors to reduce your debt interest charges. The organizations that administer these types of debt plans are usually not for profits, and although they still do charge a fee typically, these services can be beneficial for consumers who need help managing their credit card bills. For consumers who are seeking ways to get debt free quickly, however, debt settlement or negotiation may be a better alternative. Although finding a company who operates in Kansas may be difficult, the opportunity for settling the debt yourself is possible. In a debt settlement plan, whether through a company or using a do-it-yourself model, the consumer stops paying the creditors and starts saving money each month. Once enough funds have been saved, the company or consumer offers a lump sum equal to substantially less than the balance in some cases to completely satisfy the debt. Creditors will in many cases accept this arrangement because the debtor is behind and they are worried they won’t be able to collect anything. Kansas Debt Management Laws Kansas requires all “credit services organizations”, which includes debt management companies, to be licensed with the state in order to provide services to residents. Definition Kansas defines “debt management services” as: (1) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among such consumer's creditors in full or partial payment of such consumer's debts; (2) improving or offering to improve a consumer's credit record, history or rating; or (3) negotiating or offering to negotiate to defer or reduce a consumer's obligations with respect to credit extended by others. Fees The following are the fee requirements and limits that debt consolidators and credit counselors can charge in Kansas: - Charge a one-time consultation fee not exceeding $50. The cost of a credit report on a consumer shall be paid from the consultation fee paid by the consumer; - charge and collect monthly the lesser of a total maintenance fee of $20 per month, or $5 per month for each creditor of a consumer that is listed in the debt management services agreement between the registrant and the consumer; Kansas Debt Regulations Licensed Agencies A New Horizon Credit Counseling Services Inc Ft. Lauderdale FL Alliance Credit Counseling, Inc Charlotte NC American Consumer Credit Counseling, Inc Newton MA Black Hills Children's Ranch, Inc. Rapid City SD Cambridge Credit Counseling Corp. Agawam MA CareOne Services, Inc. Columbia MD ClearPoint Financial Solutions, Inc. Richmond VA Consolidated Credit Counseling Services, Inc. Fort Lauderdale FL Consumer Credit Counseling of Springfield, Missouri - CCCS Consumer Credit Counseling Service of Greater Atlanta, Inc. Consumer Credit Counseling Service of San Francisco Consumer Credit Counseling Service of the Midwest, Inc. Columbus OH Consumer Credit Counseling Service, Inc. Salina KS Consumer Education Services, Inc. Raleigh NC Consumers Alliance Processing Corporation Carlsbad CA Credit Advisors Foundation Omaha NE CreditGUARD of America, Inc. Boca Raton FL Debt Counseling Corp. Hauppauge NY Debt Reduction Services, Inc. Boise ID Family Credit Counseling Service, Inc. Rockford IL Family Financial Education Foundation Evanston WY Garden State Consumer Credit Counseling, Inc. Freehold NJ GreenPath, Inc. Farmington Hills MI Help Ministries Incorporated Mesa AZ Housing and Credit Counseling, Inc. Topeka KS InCharge Debt Solutions Orlando FL Money Management International, Inc. Houston TX National Foundation for Debt Management, Inc. Clearwater FL North Seattle Community College Foundation Seattle WA Take Charge America, Inc. Phoenix AZ Town and Country Acceptance Corporation Birmingham AL Other Resources Filing Bankruptcy in Kansas Bankruptcy Laws in Kansas Debt Collection in Kansas |
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