While America is home to many debt management companies, federally administered debt management services don't exist. There is a company based in Florida named Federal Debt Management Services that offers debt management programs to interested customers.
Debt Management Programs
Companies such as Federal Debt Management Services allow customers the chance to get their debts under control in an organized way. Debt management programs give people the chance to pay their credit card debts at reduced interest rates. These programs require working with the credit card companies to negotiate revised terms, which is where the administering organization comes into play. It is through their efforts that customers are able to pay down their debts more quickly.
Federal Debt Management Services Pros
Like all debt management services, Federal Debt Management Services gives its customers the chance to break free of credit card debt once and for all. If you can stick to the program provided by Federal Debt Management Services, you can get yourself out of debt and move on with your life. The group's website features testimonials from people who have done just that.
Federal Debt Management Services Cons
Debt management programs do come with some negatives, and Federal Debt Management Services is no different. As a condition of being on a debt management program, you must relinquish the ability to use credit or apply for new credit. In addition, you must be disciplined with your payments, as just one slip up can cause creditors to discontinue your reduced interest rates. Your debt management program with Federal Debt Management Services requires you to learn a new way to get by, one that doesn't involve relying on credit, which can be very difficult to adjust to.
Federal Debt Management Services
As of May 2011, Federal Debt Management Services has a very primitive website that is difficult to navigate and gives less information about debt management programs than its competitors. This may lead some people to question the legitimacy of the agency. Federal Debt Management Services has taken steps to fight this perception by including this topic in its page of frequently asked questions. The company was featured in a 2008 book called "Everything U Need to Know," lending credence to the validity of the organization.
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