Do You Have a Plan for the Management of Your Debt?

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What are Debt Management Plans?

Debt repayment programs are commonly referred to as Debt Management Plans (DMP). A DMP is designed to help people consolidate and pay-off unsecured debt. If you are struggling with credit card or other unsecured debt, the DMP could be the right solution for you. Check out some of the ways a DMP can work to help you become debt free.

  • Debt Solutions. The reasons people fall into to debt are varied and dealing with debt is a very unique experience. Many people struggling with debt are dealing with credit card and related unsecured debts. As a result, debt management plans are a popular offering.
  • Save with creditor benefits. Relationships between a creditor and a DMP provider allow for repayment terms in the form of reduced interest rates and waived late fees.
  • One easy monthly payment. The DMP will consolidate your unsecured debt into one monthly payment. No more juggling multiple credit card payments month after month.
  • Get out of debt. Paying off your debt with an established debt management plan can help you pay off debt faster than without a program. Plans range in length based on the amount of unsecured debt you are carrying and, the benefits offered by your creditors.
  • Learn how to stay out of Debt. The best way to achieve a debt-free lifestyle is through financial education. Many providers offer resources such as money saving tips, budget tools, daily expense controls, trends in personal finance and much more. These resources to ensure that when you do pay off your debt, you can remain debt free.

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