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In recent years, the number of Maine residents having problems managing credit card debt has increased, much like the rest of the country. An increase in the number of debt ridden individuals has created an influx of debt consolidation agencies and consumer credit counseling programs advertising in the state. Meanwhile, not only are consumers in the state uniformed about the different debt management services being offered, but many cannot decipher good companies from bad ones. The purpose of PayingPaul.Com is to educate Maine consumers about the top ways to pay off credit cards and how to identify the best services for your situation. First and foremost, one searching for unsecured debt relief must understand that there are different options available. One of the most popular methods is credit counseling. This type of program is usually administered by a not for profit agency, who can help you with budgeting and other financial guidance. If your situation permits, they may suggest you enroll in a debt management plan. If so, a credit counselor will create proposals and submits them to your creditors requesting lowered interest rates, payments and waived charges such as over the limit and late payment penalties. As with all debt solutions, there are some things one must remember before choosing this avenue. First, just because the agency may be non-profit, there is no guarantee their services will be affordable. Credit counselors do charge fees and many have come under fire from the IRS recently because of their unscrupulous practices. Secondly, these types of programs may have consequences for your credit report. Be sure to talk in depth with your counselor about these issues. Another popular option is debt settlement services. These programs are typically able to reduce credit card debt by as much as 40-60% and help you get financial freedom in as little as 12-36 months. Although the results may be alluring, one should seriously consider settlement because of the risks associated with it. In these plans, the consumer stops paying their creditors and starts saving money into a separate bank account each month. After sufficient money has accumulated, the company will contact a creditor and negotiate a lump sum pay off for the balance. Before this happens, however, a creditor will try collecting the debt as if it were any other past due account. This means “late payments” being reported to the credit bureaus, creditor calls, and in some cases, lawsuits. Do you want to speak with a expert? Submit a form and PayingPaul.Com will match you with one today! Maine Debt Management Regulations Maine is one of many states that regulate the debt management arena. The goal of many of their laws is to protect Maine residents from debt consolidators and credit counselors who do not have the best interests of a consumer in mind when providing debt plans. As one would expect, much of the focus of the regulations lies on what fees a debt management company can charge when providing their services. According to Maine law, a “debt management service” involves: “A. The receiving of money from a consumer for the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).] B. Arranging or assisting a consumer to arrange for the distribution of one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).] C. Exercising control, directly or indirectly, or arranging for the exercise of control over funds of a consumer for the purpose of distributing payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; or [2003, c. 172, §1 (NEW).] D. Acting or offering to act as an intermediary between a consumer and one or more creditors of the consumer for the purpose of adjusting, settling, discharging, reaching a compromise on or otherwise altering the terms of payment of the consumer's obligation.” It should be noted that the following entities are exempt from debt management laws in Maine: 1) attorneys licensed in Maine, unless their exclusive focus is debt management 2) financial organizations and lenders 3) debt management companies who are located in Maine but do not provide services to Maine residents Entities that fall under the Debt Management Services Act are required to limit their fees according to the following: -$75 as an initial set up fee -$40 as a monthly maintenance fee for programs that distribute monthly payments -for debt settlement programs, the fee cannot exceed 15% of the amount by which a debt was reduced For more information, please follow this link: http://janus.state.me.us/legis/statutes/32/title32ch80-A.rtf Licensed Debt Agencies AMERICAN FINANCIAL SOLUTIONS CREDITGUARD OF AMERICA INC. AMERICAN DEBT SOLUTIONS INC DEBT COUNSELING CORP AMERICAN DEBT COUNSELING INC CONSUMER EDUCATION SERVICES INC CREDIT COUNSELING CENTERS OF AMERICA A SAFE HARBOUR CREDIT MANAGEMENT DEBT-FREE AMERICA CONSUMER CREDIT MANAGEMENT INC COMMUNITY CREDIT COUNSELING CORP TAKE CHARGE AMERICA INC DEBT SETTLEMENT AMERICA INC INCHARGE DEBT SOLUTIONS NATIONAL FOUNDATION FOR DEBT MANAGEMENT INC AMERICAN CREDIT COUNSELORS INC AMERICAN CONSUMER CREDIT COUNSELING INC. CONSUMER CREDIT COUNSELING SERVICE OF SAN FRANCISCO FAMILY FINANCIAL EDUCATION FOUNDATION CONSUMER CREDIT COUNSELING SERVICE OF THE MIDWEST INC SPRINGBOARD NONPROFIT CONSUMER CREDIT MANAGEMENT INC IPAYDEBT FINANCIAL SERVICES INC PLANFIRST PAYMENT SOLUTIONS INC. GREENPATH DEBT SOLUTIONS CLEARPOINT FINANCIAL SOLUTIONS INC CONSUMER CREDIT COUNSELING SERVICE OF GREATER ATLANTA INC CONSUMER CREDIT COUNSELING OF MAINE MONEY MANAGEMENT INTERNATIONAL CONSUMER CREDIT AND BUDGET COUNSELING INC. GARDEN STATE CONSUMER CREDIT COUNSELING INC CONSOLIDATED CREDIT COUNSELING SERVICES INC A NEW HORIZON CREDIT COUNSELING SERVICES INC CAREONE SERVICES INC CAMBRIDGE CREDIT COUNSELING CORP. DEBT MANAGEMENT CREDIT COUNSELING CONSUMER CREDIT COUNSELING SVC OF MARYLAND AND DELAWARE INC. CEEDCO INC CONSUMERS ALLIANCE PROCESSING CORPORATION OMEGA FINANCIAL SERVICES Other Resources Filing Bankruptcy in Maine Bankruptcy Laws in Maine Debt Collection in Maine |