Are you currently struggling to find a solution to an overwhelming debt problem? Have you been wondering if a debt management plan will be right for you? Learn more about a debt management plan, and find out whether it is right for you.
A debt management plan, or DMP, is a debt relief option that allows you to pay off their debts at a rate you can manage and afford. A DMP service is typically provided by credit advisors or a credit counseling agency. If you are considering this type of debt relief, it is important to find a reputable and trusted credit counseling service .
A credit counselor will help you thoroughly review your financial situation and discuss further debt relief options. Once it is determined that a debt management plan is the best action to take, the credit counseling agency will negotiate with your creditors to see if they can reduce your monthly payments or interest rates, and waive or reduce any fees or penalties.
Both parties will then agree upon a simplified payment plan which you will be obliged to follow to pay off your debt. Typically, the payment plan will allow you three to five years to resolve your debt.
A debt management plan can offer the following benefits:
Here are some important things to consider about a Debt Management Plan:
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