What is the Debt Reduction Plan and how does it work? Watch this video about credit counseling to find out! www.christiancreditcounselors.org
Question by atehero: How does Consumer Credit Counseling calculate payments?
My husband and I will be going thru CCC with a non profit agency and we will be meeting with them next week. We have approx 42k in credit card debt and pay around $ 1400 monthly on all of the credit card payments. Does anyone know what our new monthly payment to CCC might be? We are thinking they might be able to reduce the payments down to around 1000 monthly but we’re not sure. Thanks.
Best answer:
Answer by Brian G There is no one answer to your question. CCC will work with you to make a budget, determine what you can afford to pay, then work to get the cc lenders to accept that amount.
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Question by Josh L: What is used to calculate the 31% for mortgage restructuring?
What is used to calculate the 31% for mortgage restructuring?
My actual mortgage payment is less than 31% of my monthly income, however, my mortgage plus escrow is greater than 31%. Which counts?
Best answer:
Answer by RED Total monthly payment. It is 28% for mortgage, and 36% for total recurring expenditures (car, mortgage, insurance)… as a rule of thumb.
Know better? Leave your own answer in the comments!
