Any credit counsellor that promises you exact interest rates may be unintentionally misleading you. At Personal Financial Network, we do not promise certain interest rates on individual accounts. No agency can guarantee individual rates. Your rates may depend on your ability to supply us with the most accurate, complete and up-to-date information about your financial situation. Our role is to help you gain maximum benefits on all of your eligible accounts.
The majority of participating creditors generally provide interest rates in the 7-12% APR range. Some creditors have provided 0% in the past, and many of our clients have accounts incurring only 1 or 2% interest. There are other creditors that may drop your interest rate by 4% based on your current interest rate. Still, there are some credit card issuers that provide no benefits whatsoever.
The good faith estimate provided by our Accredited Financial Counselors takes into account the anticipated interest rate reductions that we expect based on the creditors and types of accounts that you have. Each creditor determines what benefits they provide, and some creditors have more stringent qualifications than others. In addition to helping you obtain lower interest rates, we counsel you on how to avoid risky financial behavior that can jeopardize benefits.
Including All Cards Can Improve your Benefits
Many creditors require that you include all of your credit card accounts on a debt management plan before they will grant you a lower interest rate and lower minimum payment. We encourage you to include all of your eligible accounts so that you are in a position to gain maximum benefits. Your counselor can discuss with you keeping one account ff the program if you need it for personal or business use. Keeping just one account off usually, does not jeopardize your benefits.
Personal Financial Network wants you to have realistic expectations about your potential benefits through a debt management plan. As such, our financial analysis and good faith estimates are completed as accurately as possible and are based on the information that you supply to us.
Upon enrollment, your creditors may supply us with updated information on responses to our repayment proposals. They will also confirm benefits that you are granted as a part of your debt management plan.