Americans owe a collective $18.8 trillion in household debt, including mortgages, auto loans and credit cards, according to the Federal Reserve Bank of New York. Debt is a burden millions face, and paying it off can feel overwhelming, especially when high interest rates make it difficult to make progress.
For some borrowers, a debt management plan (DMP) can help get back on track financially, but it’s not the right solution for everyone. Here’s what experts say about how debt management plans work, who they’re best suited for and what they cost.
Get Started: 4 Subtle Indicators You’re on Track To Being Debt-Free
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How Debt Management Plans Work
DMP…