What is Debt Management?
A debt management plan is another means by which some individuals decide to try to get out of debt. With a debt management plan, all of your unsecured loans are consolidated into a single monthly payment with a decreased interest rate and are paid to a credit counseling agency who will distribute these funds to the creditors. While the interest rate per month is lower with a debt management plan/DMP what you end up paying is actually more. This is due to the fact that while you are paying less per month, you are paying this amount for a longer period of time, after which you will have paid much more than your initial debt.
Like all debt relief options, the debt management plan may not be the best fit for you. It is important to fully understand debt management and seek a reputable debt relief consultant who can educate and guide you through the best solution.
Let one of our trained debt consultants evaluate your financial situation to determine if Debt Management is right for you.
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