Escape Debt Easily With This Proven Management Secret
The Proven Secret: Debt Management Plans
A Debt Management Plan (DMP) is a structured repayment plan set up by a credit counseling agency. This plan consolidates your debts into a single monthly payment, often with reduced interest rates and waived fees. Credit counseling agencies work with your creditors to negotiate these terms, making it easier for you to repay your debts over three to five years.
According to the National Foundation for Credit Counseling, consumers enrolled in a DMP can see interest rates reduced by as much as 50%1. This reduction can significantly decrease the total amount paid over the life of the debt, allowing you to become debt-free faster.