 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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| Michigan |
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With financial problems in Michigan increasing by the day, the number of residents in the state suffering from overwhelming credit card debt and in need of debt consolidation services and consumer credit counseling. Unfortunately, very few know where to turn, understand what debt management options are there to help, or what companies to trust. The purpose of this page of PayingPaul.Com is to briefly educate Michigan consumers about debt relief and how to differentiate between the best and worst programs. Debt consolidation is a general term that refers to three things: 1) loans – taking out a loan to pay off multiple debts and then paying back the loan; 2) debt management plans through a credit counselor – programs that consolidate your payments work with creditors to lower your interest rates; and 3) debt settlement - services where a company negotiates on a consumer’s behalf to get a creditor to agree to accept a discounted, lump sum in full satisfaction of debt. As articulated throughout PayingPaul.Com, debt consolidation loans can be an expensive and risky way to get out of debt. Credit counseling may be a good choice for consumers for are bothered by high interest charges and aren’t seeing progress in eliminating their debt. Debt counselors are usually non-profit agencies, and they can help you with budgeting and providing financial education for managing debt. If your circumstances permit, they may ask you to consider a debt management plan. These are programs that can consolidate your payments, lower your interest, and waive your late fees in some cases. Keep in mind: debt management plans are not for everyone, and although they are offered by non-profits, this is no guarantee that it will be affordable. Debt settlement, also referred to as debt negotiation is a good solution for people who are unable to make even their minimum payments because it can help reduce the amount you owe, not just interest charges. On the flip side, this can be a difficult road to go down as well. In these programs, you stop paying your creditors and instead save money into a savings account each month. Once you have enough money saved, the settlement company will contact your creditors and offer a lump sum of cash (from the savings account) in full satisfaction of what you owe. Because you are past due, creditors are usually willing to accept this, sometimes for much less than what you owe. Until the account is settled, however, creditors will call, report the debt as past due, and in some cases, pursue the balance in court. Are you interested in speaking with a professional? Submit a form today and let PayingPaul.Com match you with one today! The Michigan Debt Management Act In 1975 Michigan enacted legislation that would effectively regulate the debt management industry. The goal was to ensure that consumers were being offered quality and affordable services, and as such, much of the law deals with fee and licensing requirements. Definition Michigan law defines debt management as “the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to a creditor in payment or partial payment of the debtor's obligations.” Fees Companies or organizations that fit under this definition are limited to the following fee caps: -$25 as an initial fee (if less than 51% of the creditors in the plan do not agree to participate within 45 of the establishment of the plan, then the counseling agency is required to return this fee) -the total allowable fee to be collected throughout the course of the program is 15% of the amount of debt that is to be liquidated in the plan Exemptions It should be noted that the following entities are exempt from the provisions of these laws: (a) An attorney at law, if providing debt management advice incidental to his or her law practice. (b) A certified public accountant, if providing debt management advice incidental to his or her accounting practice. (c) A bank, fiduciary, savings and loan institution, or credit union duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of its principal business. (d) A title insurer or abstract company, while doing an escrow business. (e) An employee or agent of a licensee, acting solely in the capacity of agent for the licensee. (f) A judicial officer or person acting under court order. Michigan Debt Statute Licensed Debt Companies Debt-Free America 8575 Gibbs Drive Suite 190 San Diego, California 92123 A Better Choice Debt Relief d/b/a Mercy Debt Management 26 Summit Street Brighton, Michigan 48116 512 Williamsport Court White Lake, Michigan 48386 A New Horizon Credit Counseling Services, Inc. 2950 West Cypress Creek Road Suite 201 Ft. Lauderdale, Florida 33309 Alliance Credit Counseling, Inc. 15720 John J. Delaney Drive Suite 100 Charlotte, North Carolina 28277 American Consumer Credit Counseling, Inc. 130 Rumford Avenue Suite 202 Newton, Massachusetts 02466 American Credit Counselors, Inc. 23123 State Road 7 Suite 210 Boca Raton, Florida 33428 1. Black Hills Children's Ranch d/b/a Pioneer Credit Counseling 1644 Concourse Drive Rapid City, South Dakota 57703 Cambridge Credit Counseling Corp. 67 Hunt Street Agawam, Massachusetts 01001 CareOne Services, Inc. 8930 Stanford Boulevard Columbia, Maryland 21045 Christian Credit Counselors, Inc. 5838 Edison Place, Suite 200 Carlsbad, California 92008 24300 Southfield Road Suite 215 Southfield, Michigan 48075 ClearPoint Financial Solutions, Inc. 8000 Franklin Farms Drive Richmond, Virginia 23229 Community Credit Counseling Specialists, Inc. 5301 Southwyck Boulevard Suite 100 Toledo, Ohio 43614 Consolidated Credit Counseling Services, Inc. 5701 W. Sunrise Blvd., Ste. 200 Fort Lauderdale, Florida 33313 Consumer Credit Counseling Service of Greater Atlanta, Inc. 100 Edgewood Avenue, S-1800 Atlanta, Georgia 30303 Consumer Credit Counseling Service of Maryland & Delaware, Inc. 757 Frederick Road, 2nd Floor Baltimore, Maryland 21228 Consumer Credit Management, Inc. 28124 Orchard Lake Rd., Ste. 102 Farmington Hills, Michigan 48334 Consumer Education Services, Inc. 3035 Boone Trail Ext Ste M Fayetteville, North Carolina 28304 3801 Lake Boone Trail, Suite 400 Raleigh, North Carolina 27607 Consumers Alliance Processing Corporation 5937 Darwin Court, Suite 109 Carlsbad, California 92008 Debt Counseling Corp. 3033 Expressway Drive North Suite 103 Hauppauge, New York 11749 Debt Management Credit Counseling Corp. d/b/a Debt Free 700 West Hillsboro Boulevard Suite 105, Building 1 Deerfield Beach, Florida 33441 Evergreen Credit Counseling, LLC 2055 Avoncrest Drive Rochester Hills, Michigan 48309 Family Budget Service, Inc. 2424 Burton St., S.E. Grand Rapids, Michigan 49546 Family Credit Counseling Service d/b/a Family Credit Management Services 4304-06 Charles Street Rockford, Illinois 61108 Garden State Consumer Credit Counseling, Inc. d/b/a Novadebt 225 Willowbrook Road Freehold, New Jersey 07728 GreenPath, Inc. d/b/a GreenPath Debt Solutions 315 East Eisenhower Place Suite 206 Ann Arbor, Michigan 48108 131 E Columbia Avenue Suite 112 Battle Creek, Michigan 49015 211 North First Street, Suite 300 Brighton, Michigan 48116 Fisher Building - Suite 1507 3011 West Grand Boulevard Detroit, Michigan 48202 27555 Farmington Road Suite 200 Farmington Hills, Michigan 48334 38505 Country Club Drive Suite 120 Farmington Hills, Michigan 48331 38505 Country Club Drive Second Floor Farmington Hills, Michigan 48331 2222 South Linden Road, Suite D Flint, Michigan 48532 3051 Commerce Drive, Suite 3 Fort Gratiot, Michigan 48059 810 South Otsego Avenue Suite 105 Gaylord, Michigan 49735 3210 Eagle Run Drive NE Suite 102 Grand Rapids, Michigan 49525 629 West Cloverland Drive Suite 9 Ironwood, Michigan 49938 211 West Ganson Street Jackson, Michigan 49201 612 South Creyts Road, Suite C Lansing, Michigan 48917 712 Chippewa Square, Suite 102 Marquette, Michigan 49855 25 South Monroe Street, Suite 312 Monroe, Michigan 48161 800 Ellis Road, Suite 269 Mailbox 540 Muskegon, Michigan 49441 7127 South Westnedge Avenue Suite 5C - P.O. Box 549 Portage, Michigan 49081 27085 Gratiot Avenue, Suite 103A Roseville, Michigan 48066 4600 Fashion Square Boulevard Suite 110 Saginaw, Michigan 48604 20300 Civic Center Drive Suite 305 Southfield, Michigan 48076 8750 South Telegraph Road Suite 100 Taylor, Michigan 48180 10850 East Traverse Highway Suite 2208 Traverse City, Michigan 49684 Northfield Plaza II 5700 Crooks Road, Suite 202 Troy, Michigan 48098 11111 Hall Road, Suite 422 Utica, Michigan 48317 38545 Ford Road, Suite 202 Westland, Michigan 48185 InCharge Debt Solutions 2101 Park Center Drive, Suite 320 Orlando, Florida 32835 iPayDebt Financial Services, Inc. 9433 Bee Cave Road Building 3, Suite 101A Austin, Texas 78733 Michigan Credit Adjustors, Inc. G1173 N Ballenger Highway Suite 100 Flint, Michigan 48504 237 S.B. Gratiot Avenue Mt. Clemens, Michigan 48043 Money Management International, Inc. 1320 S University Drive Suite 200 Fort Worth, Texas 76107 Money Management International, inc. 9009 West Loop South 7th Floor Houston, Texas 77096 13430 N Black Canyon Highway Suite 250 Phoenix, Arizona 85029 National Debt Management, Inc. 16310 W. 12 Mile Road, Ste. 250 Southfield, Michigan 48076 National Foundation for Debt Management, Inc. d/b/a Alternative Credit Solutions 14104 58th Street N Clearwater, Florida 33760 Northern Michigan Credit Consultants 2427 M-37 South, Ste. 2 Traverse City, Michigan 49684 Springboard Non-Profit Consumer Management 4351 Latham Street Riverside, California 92501 Take Charge America, Inc. 20620 North 19th Avenue Phoenix, Arizona 85027 Total Financial Center, Inc. d/b/a American Debt Counseling 8033 E Ten Mile Road Suite 111 Centerline, Michigan 48015 27821 Ford Road Garden City, Michigan 48135 310 44th Street SW Grand Rapids, Michigan 49548 2970 S 9th Street Suite E Kalamazoo, Michigan 49009 Town and Country Acceptance Corporation 2081 Columbiana Road Birmingham, Alabama 35216 Other Resources Filing Bankruptcy in Michigan Bankruptcy Laws in Michigan Debt Collection Michigan |
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