Yes. DebtWave offers a free initial credit counseling session to help you review your credit card debt, monthly payments, interest rates, income and household expenses.

There is no obligation to enroll in a Debt Management Program simply because you speak with a counselor.

During your credit counseling session, a certified credit counselor will review your overall financial situation, including your income, expenses, credit card balances, interest rates and monthly payments.

The goal is to help you understand your options and determine whether your current repayment strategy is working or whether another approach may make more sense.

Depending on your situation, your options could include paying the debt off yourself, making changes to your budget, working directly with creditors or considering a Debt Management Program.

A Debt Management Program, or DMP, is a structured repayment plan designed to help consumers pay off eligible unsecured debts such as credit cards.

Instead of managing multiple payments to participating creditors, you make your scheduled Debt Management Program payment, and funds are distributed to the creditors included in your plan.

Participating creditors may also offer concessions such as reduced interest rates or payments according to their individual program guidelines.

No. A Debt Management Program is not a debt consolidation loan, and you do not borrow new money to pay off your credit cards.

Your existing eligible debts are repaid through a structured plan administered by a credit counseling organization.

This can be especially helpful for consumers who want to simplify their credit card payments without taking on another loan

Simply speaking with a credit counselor does not change your interest rates.

However, if you qualify for and choose to enroll in a Debt Management Program, participating creditors may provide concessions that can include reduced interest rates or payments.

The specific terms available depend on your creditors and accounts, so DebtWave cannot guarantee a particular interest rate before reviewing your situation.

No. It's actually preferred that you are current with your credit card payments. But we can help if you are up to a couple months behind too.

Many people seek help because they are making every payment on time but their balances are barely decreasing, interest charges are consuming too much of their payments, or they are worried they may eventually fall behind.

You do not need to wait until you miss payments to explore your options.

There is no specific amount of credit card debt required to receive credit counseling. However, for our debt management program, we recommend to have at least $7,500 in order to see good savings in interest.

A better question is whether your current repayment strategy is working.

It may be worth speaking with a counselor if you are:

• Making mostly minimum payments
• Carrying balances on several credit cards
• Paying high interest rates
• Watching your balances decrease very slowly
• Using credit cards for regular living expenses
• Worried that you may soon miss payments
• Unsure how long it will take to become debt-free

Even if you are unsure whether you need professional help, a free credit counseling session can give you a clearer picture of your options.

Debt Management Programs are generally designed as multi-year repayment plans.

DebtWave programs typically aim to help clients repay enrolled debts within approximately three to five years, although the actual repayment period depends on factors such as your balances, creditors, interest rates and monthly payment. Some creditors have started offering 72 month DMPs which helps lower payments even more than the traditional DMP.

Your counselor can provide a more personalized estimate after reviewing your accounts.

Simply speaking with a credit counselor does not automatically hurt your credit score.

If you enroll in a Debt Management Program, credit card accounts included in the program are generally closed, which can affect factors used to calculate credit scores.

Everyone's credit profile is different, so DebtWave cannot guarantee what will happen to an individual's credit score.

The primary goal of a Debt Management Program is to help you successfully repay your debt and improve your overall financial situation.

A Debt Management Program generally focuses on repaying the balances you owe under a structured repayment plan.

Debt settlement typically involves attempting to settle debts for less than the full amount owed and may involve allowing accounts to become delinquent before settlements are negotiated.

These approaches can have very different financial and credit consequences.

A credit counseling session can help you better understand your situation before choosing a debt-relief strategy.

Potentially, yes.

One of the main advantages of a Debt Management Program is that multiple eligible participating unsecured accounts may be included in one structured repayment plan.

For example, you may have balances with several different credit card companies, each with its own payment, interest rate and due date.

A credit counselor can review each account and explain which creditors may participate and what the proposed repayment plan could look like.

Credit counseling may be worth considering if your credit card debt is becoming difficult to manage or if you simply want an objective review of your finances.

Ask yourself:

Are my credit card balances consistently going down?

Can I afford more than the minimum payments?

Do I have a realistic plan to become debt-free within the next few years?

Can I pay my credit cards without having to use them again for basic living expenses?

If you answered “no” to several of these questions, a free credit counseling session may be a useful next step.

You can get started by completing DebtWave's online credit counseling process or speaking with a credit counselor over the phone.

The initial counseling session is free, and you can review your options before deciding whether you want to enroll in a Debt Management Program.

There is no obligation to enroll simply because you request help.