Feeling overwhelmed by your debt? A debt management plan is often a smart solution.
This debt payoff option puts you on a path to pay off your debts — typically from credit cards — over three to five years.
With a debt management plan, several debts are rolled into one monthly payment under a reduced interest rate, making the debts easier to pay off and saving you money in the long run.
How to choose the best debt management program
It’s best to go with a nonprofit organization, rather than a debt settlement company that may offer counseling services. Settlement companies focus more on helping you clear your debts by paying less than you owe, which is a much riskier and expensive process.
Here are some tips for narrowing your search…