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  Important
  Considerations...
  • How Accounts Are Closed
  • Meeting Creditors Required Minimum
  • Which Creditors Are Included
  • Timing And Follow Up On Proposals
  • Proper Preparation Before Consolidation
  • A Plan That Avoids Credit Damage

  Debt Management rates and minimium payment requirements are established by the creditors not the Debt Management firm. This page is designed to allow you to use the minimum percentage requirement of your balance and the interest rate you are paying now along with the interest rates that the major creditors offer under Debt Management Plans to see the difference in payoff times for your credit cards. The major credit card companies change their interest rates from time to time so we will keep this calculation tool updated for you.

To use the Calculator at the bottom of this page, multiply your balances by the creditors minimum. For example Chase Balance $5000 x .02= $100 minimum payment. Enter your minimum payment, the interest rate you are paying now and the interest rate that the creditor offers under Debt Management Plans and see your savings.

 
Bank Min % of Balance - Payment Program Interest Rate
Citibank* 2.3% 9.9%
Chase* 2% 6%
Discover 2.2% From 0% to 17.9% depending on individual circumstances.
MBNA/B of A 1.8 % 0% - 15.9% depending on individual circumstances.(consumer friendly)
Bank of America* 1.8 % Now under MBNA guidelines 0% to 15.9% (consumer friendly)
Wells Fargo* 2.25% 7.3%
Direct Merchants(HSBC) 2.25% 9%
Capital One 2.00% 7.4%
American Express 2.2% 9.9% (When Accepted, Very Problematic)
GM Card 2.25% 9%
Associates 2.23% 9.9%
Macy's 3% 8%
Household/HSBC 2.25% 9%
HFC Loans 75% of contractual monthly payment 9%
American General Loans Contractual Payment Varies By Branch
Sams Club (GE) 2.5% -.25% of existing rate
Sears/Citibank 2.3 9.9%
Lowes (GE) 2.5% -.25% of existing rate
Juniper/Barclays Bank 2% 5.9%
     * Full Service Banks

  In the form below fill in your current credit card balances along with the interest rate you have now, and the rate from the chart above that you would have under a debt consolidation plan. For your minimum payment just multiply your balance X the percentage on the chart for each creditor.  
Account Balance Payment
Interest Rate
Current Reduced
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