About Debt Management Plans
Getting started can be overwhelming. The path to financial freedom can be so complex, it's hard to know if you're on the right plan. This simple guide is designed to help you make decisions that are right for you – and your financial future. We'll cover the ways a debt management plan (DMP) may be able to help you, what you can expect if you decide a DMP is for you, and what other options are available.
What is a DMP?
A debt management plan (DMP) is a mutual agreement between you and a credit counseling agency (CCA). Simply put, you agree to repay your unsecured debts in full over time, without taking on any more debt. In return, most creditors will agree to reduce your interest charges and waive any late fees*.
Even though DMPs are often referred to as "debt consolidation," there is a difference. While DMPs consolidate your monthly payments into one, easy payment, they are NOT debt consolidation loans.
* Typically benefits are granted after the first 3 consecutive payments.
What are the benefits of a DMP?
Save Time
A DMP can help get you out of debt more quickly than you could on your own*1.
Save Money
A DMP can reduce the high rates of interest typically charged by most creditors. They often also eliminate late fees, so more of your money goes toward reducing your debt*2.
Gain Peace of Mind
Besides putting an end to harassing calls from collectors, the right provider can guide you through a difficult time and help you plan a brighter financial future.
*1 Assumes the consumer would only make minimum monthly payments.
*2 Typcially benefits are granted after the first 3 consecutive payments.
Why should I consider a DMP?
When you're in debt, it can be difficult to see your way out. Fortunately, there is plenty of help available and you have a number of options. Unfortunately, there is no one solution that is right for everybody.
If you're serious about getting help immediately, Click Here or contact us and receive a free consultation from one of our Consultants toll free at: 1-800-523-0476
