Credit Counseling and Debt Consolidation in Michigan
What do credit counseling and debt consolidation have in common? They’re the two major parts of CreditGUARD’s plan to get you on the path to debt freedom.
Credit counseling gives you the processes, tools, and emotional support you need to handle your debts and achieve financial security. On the other hand, debt consolidation turns many different debt accounts into one easy payment, reducing the interest rate in the process.
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CreditGUARD and Michigan Credit Counseling Tools
Michigan credit counseling offered by CreditGUARD of America, Inc. is twofold. First, there is the life coach aspect of counseling. This involves positive encouragement and practical solutions to help you stay on the path to debt freedom. The second is the learning aspect. You can learn about the importance of a budget as well as methods to track your expenditures dollar by dollar so they don’t get out of hand.
How Michigan Debt Consolidation Can Change Your Life
Once you get credit counseling, you can move forward with your life. You don’t have to worry about financial issues getting in the way of your dreams.
Credit counseling at CreditGUARD of America, Inc. aims to change your debt situation. Debt consolidation ensures that your credit payments are affordable. With our credit counseling, you learn effective ways to maintain a strong financial foundation and get out of debt quickly. You also get the intangible benefits of sharing your story with a compassionate listener who will help you through the emotional and practical difficulties that come from debt or credit problems. Don’t delay any longer. Call us at 800-589-1643 today.
Clients We’ve helped in Michigan
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We can help you get out of debt in Michigan. Call us at 800-589-1643 to find out how!
Real Stories of Michigan Clients
A woman from Detroit, Michigan was just watching television and saw our ad. She called and said that she needs some help that she is falling behind on her payments. They increased her rent and that caused her to also be overdrawn on her bank account. She is living on social security benefits, is limited on her spending and looking for lower monthly payments. We were able to get the help that she was looking for and she is very pleased with it. She qualified for the debt management program to help payoff her total balance of $5,160.00
I talked with a client from Grosse Point, Michigan. who was transferred to us by her creditor because she needed debt help for their account and others. Her situation is that she is only on a fixed income, and if it were not for some stocks and annuities she would not be able to keep up with the payments and interest on the account. Even now, the interest is still too high and she is not making any progress on the cards. She can join our program, get her payments down $120 per month and also be paid off in less than 4 years on the accounts. She is anxious to start as soon as possible, this program will help her stay on track with her current payments, but dramatically reduce her payoff time and she will receive much more help in interest savings.
From: Michigan DEBT MANAGEMENT ACT – Act 148 of 1975
451.423 Initial fee; consent of creditor; presumption.
(1) When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00.
(2) A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor’s creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor
451.424 Contract between licensee and debtor; requirements.
(1) A contract between a licensee and debtor shall include all of the following:
(a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.
(b) The total amount of the licensee’s charges.
(c) The beginning and termination dates of the contract.
(d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.
(e) The name and address of the licensee and of the debtor.
(f) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.
451.428 Fee under debt management plan; purchase of credit reports or educational materials and products; charge for cancellation or default; when contract effective; cancellation of contract; excessive charge.
(1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.
(2) A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee. Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).
(3) Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under subsection (1).
(4) A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).
(5) If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.
(6) A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.
Michigan Residents: License # DM 0016985
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Certified Credit Counselors are available Monday - Friday 8:00 am - 8:00 pm Eastern.
For more information on debt consolidation, please visit:
Why Choose CreditGuard? Learn what sets our debt consolidation services apart from the rest and how we can help you take control of your debt.
The Ultimate Debt Survival Guide. Need some practical advice for dealing with debt? You’ve come to the right place. This free downloadable guide can teach you the basics of managing debt (and more).
Is Debt Settlement a Good Idea? Debt settlement and debt consolidation are not the same. Learn more about the process (and consequences) of settling your debts before going down that path.