Debt Management: What It Is and How It Can Help You

Debt management is a way to take control of your finances and reduce your debt. It involves creating a plan to budget and manage your money, as well as working with an external negotiator (often called a credit counselor) to negotiate lower interest rates and combine all of your debt payments into one manageable monthly payment. A debt management plan (DMP) can help you get out of debt and rebuild your credit, while making payments that fit your budget. Bankruptcy may be the best option when your debt is overwhelming, but it's important to ask yourself five questions before making that decision. A debt management plan is a system that allows you to pay a single monthly payment that covers all of your included debt.

Creditors usually require that any credit cards included in the plan be closed to avoid additional fees. Debt management programs can lower interest rates and monthly payments, helping you pay off your debts and avoid the negative consequences of defaulting or filing for bankruptcy. Debt settlement is another option, which involves negotiating with creditors to pay them less than the total balance you owe. This is different from a debt management program, which requires you to repay 100% of your loans in full.

InCharge offers guidance and assistance in setting up a debt management program on your own. They will listen to your situation and help you create a personalized plan to get out of debt, as well as provide support throughout the process. Start your free and confidential online debt analysis today and see how much you can save with an MMI DMP.

Evan Turomsha
Evan Turomsha

Award-winning twitter buff. Amateur web ninja. Total food maven. Typical travel fanatic. Certified beer geek.

Leave Message

Required fields are marked *