| Agencies |
ACCC |
Agency 1 |
Agency 2 |
Agency 3 |
Agency 4 |
Agency 5 |
Agency 6 |
|
Enrollment Fee
|
$39 |
$70 |
$256 |
$256 |
$256 |
$39 |
$40 |
|
Monthly Maintenance Fee
|
*$15 |
$25 |
$26 |
$30 |
$35 |
$39 |
$40 |
|
Total Paid in 1st year of DMP
|
$219 |
$370 |
$563 |
$616 |
$676 |
$507 |
$520 |
|
Total Program Fees throughout the DMP
|
$939 |
$1,570 |
$1,792 |
$2,056 |
$2,356 |
$2,379 |
$2,440 |
The Comparison is based on a client enrolled in a Debt Management Program (DMP) with $12,000.00 in credit card debt, holds 5 credit cards, a minimum monthly payment of $256.00 and a 60 month pay off term. Over the life of ACCC's DMP you receive over $1000.00 in savings on fees alone as compared to other credit counseling agencies. For assistance, 1-800-769-3571
What to ask for when shopping for a Credit Counseling Agency:
- What are your enrollment fees?
- What do you consider as a voluntary fee?
- Are there any hidden fees that I should know about?
- What type of budget and debt counseling will I be receiving?
*Avoid agencies that don't provide adequate counseling. If they are not willing to spend time with you, keep searching.
* Some Agencies argue that their fees must be high in order to provide superior client services. ACCC does not agree. ACCC has maintained the lowest "true" fee structure in the industry for over 10 years and consistently provides its clients with superior service by highly trained and skilled professionals
Detailed breakdown of how it works:
Because some agencies listed in this chart keep the client’s first payment as an enrollment fee, an average monthly payment needed to be created. We took an average debt amount of $12,000.00 and divided it evenly by 5 credit card accounts. We used a pay off term of 60 months to come up with a monthly payment of $256.00.
Four areas to consider when shopping for the right agency:
Section 1 - Enrollment Fee:
- ACCC - currently charges $39 for enrollment. This fee does not fluctuate.
- Agency 1 – charges $20 to speak to a counselor initially. If after speaking with a counselor the client decides to enroll, the fee is $50. For a total of $70 for enrollment.
- Agency 2 – keeps the 1st payment as an enrollment fee. $256.00
- Agency 3 - keeps the 1st payment as an enrollment fee. $256.00
- Agency 4 – keeps the 1st payment as an enrollment fee. $256.00
- Agency 5 – charges $39 as an enrollment fee.
- Agency 6 – charges 1% of the clients total debt as an enrollment fee or $40, whichever is less.
Section 2 - Monthly Maintenance Fee:
- ACCC - currently charges $3 per account.
- Agency 1 – charges between $15 and $35 per month for maintenance. In this scenario we picked $25.00 as an average monthly maintenance fee.
- Agency 2 – charges 10% of the client’s monthly payment. $26.00
- Agency 3 - charges $6 per account per month for maintenance.
- Agency 4 – charges $7 per account per month for maintenance.
- Agency 5 – charges $39.00 as a monthly maintenance fee.
- Agency 6 – charges 1% of the client’s total debt or $40 each month as a maintenance fee.
Section 3 - Total Fees in 1st Year:
- ACCC - total paid in fees for the first year is $219.
- Agency 1 – total paid in fees for the first year is $370.
- Agency 2 – total paid in fees for the first year is $563.
- Agency 3 - total paid in fees for the first year is $616.
- Agency 4 – total paid in fees for the first year is $676.
- Agency 5 – total paid in fees for the first year is $507.
- Agency 6 – total paid in fees for the first year is $520.
Section 4 – Total Program Fees:
|
