Is a Debt Management Plan Right For You?

Do you want to pay your debt off while paying reduced interest rates?  A Debt Management Plan (DMP) might be what you’re looking for!

What Is a Debt Management Plan?

A debt management plan is a debt relief option by paying off unsecured debts over time. If you can't afford to pay off the debt in full and you’re overwhelmed by debt, it’s an option.

Why You Need a Debt Management Plan?

Debt management plans help people with their finances by consolidating their debts into one loan with one monthly lump payment. That is an excellent option because they can often save money on interest and create a budget plan.

Pros and Cons of Debt Management Plans

Here are the pros of a debt management plan: - You get professional advice. - Lowering the interest payment means faster repayment of your debt. - You’ll get fewer calls and mail from debt collection agencies. - You will have an improved credit score in the long run.

Pros and Cons of Debt Management Plans

This can come with some drawbacks: - You will pay a small fee that’s often compensated by the lower interest rate but is a fee nonetheless. - Not all your debt is included, as DMPs only focus on unsecured debt. - When you miss a payment, it can influence your lower interest rate.

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