If you’re struggling with out-of-control debt, a debt management plan (DMP) may be able to get your interest rates lowered and late fees waived.
DMPs are usually offered by credit counseling services as part of a portfolio of financial asistance options. While these agencies are nonprofits, a DMP usualy comes with startup and monthly fees that can add up to thousands of dollars, depending on how long it takes you to complete your program.
Find out how debt management plans work, how much they can cost and whether they’re the right option for you.
What is a debt management plan?
A debt management plan is a service offered by many credit counseling agencies. Unlike a debt settlement plan, which involves negotiating to lower your balances,…