After investigating the various industries that provide services to consumers with overwhelming or past due accounts there seems to be some very viable options to dealing with those past due accounts. Each option has advantages and disadvantages and the consumer must be aware of them and be prepared to stay the course of the option until complete.
Consumer Credit Counseling
Credit counseling, also known as debt management, is a service that acts as intermediary between the debtor (consumer) and the bank. Credit counseling works out a budget and enrolls the consumer's accounts into bank offered "hardship" programs that typically include a reduction in the interest rate and sometimes, a reduction in the minimum payment required.
Credit counseling matches consumers with accounts that are 90 days or less delinquent, that do not have enough money to bring the accounts current but want to avoid bankruptcy.
