Qualification for a debt management plan usually hinges on the type of debt you have, how much you owe and your overall budget. Debt management companies may only be able to enroll certain types of debt, such as:
- Unsecured credit cards
- Medical bills
- Unsecured personal loans or lines of credit
- Store credit cards
- Unpaid utility bills
Debt management companies typically do not work with secured debts, such as car loans or mortgages, and they often don’t work with student loans or tax debt either.
If you’re interested in working with a debt management company, it’s helpful to know what to expect. Generally, you’ll be asked to complete a free initial session with a credit counselor who will review your finances…
