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What Is a Debt Management Plan? How Can It Help? A debt management plan is a way to pay off high-interest unsecured debt – mostly credit cards – without having to take out a bank loan. Debt management plans reduce the interest rate on credit cards to around 8% and make monthly payments affordable, so consumers can pay off debt in 3-5 years.
Dec 6, 2023 · A debt management plan (DMP) is a payment schedule that allows you to consolidate debts into one affordable monthly payment and pay down your debt over time, usually over three to five years.
Aug 6, 2021 · What Is a Debt Management Plan? A debt management plan groups several credit card debts into one payment, cuts your interest rate and creates a 3- to 5-year...
May 18, 2023 · A debt management plan is a financial strategy to pay off unsecured debt, typically from credit cards, within three to five years. The process is led by a credit counselor. Credit counseling services are often nonprofit organizations.
Feb 16, 2024 · A debt management plan (DMP) is a structured, voluntary agreement between you and a consumer credit counseling agency. The agency aims to help you pay off high unsecured debts like credit...
Jul 28, 2023 · The goal of a debt management plan is to use these strategies to help you lower your current debt and move toward eliminating it. You can create a debt management plan for yourself or...
What Is a Debt Management Plan, and How Does It Help? Home / Resources / Debt Management Plans. First things first, a debt management plan is NOT a loan. However, it is a tool offered by nonprofit credit counseling agencies to get you back on the road to a financially stable, debt-free future.
