Debt Relief: Credit Card Companies Offers Consolidation: Difference between revisions

Credit card agencies such as Visa, Discover, MasterCard, and American Express have a department that does essentially the same service as the various debt consolidation and debt management companies; however, debt reduction and credit counseling are entirely different functions than what the credit card companies do best. Credit card companies would prefer that people dealt with specialized debt consolidation firms who take on the substantial burden of individual repayment agreements and terms as well as all the attendant paperwork, but it is now a requirement. MasterCard for example, prefers their card holders use a debt management service. Therefore, Mastercard does not advertise that there is a debt management department within their company. The Mastercard consolidations department will respond to requests for debt consolidation if a written request from the card holder is made to the proper department.   

Although trying to set up a debt management plan using services available through the various credit card companies may prove difficult, the small fees and inconvenience associated with debt management companies may be avoided.