Get Debt Free With A Debt Management Plan

15 June 2011 - Which Way To Pay

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Get Debt Free With A Debt Management Plan

At a time when the cost of living is rising faster than salaries, an increasing number of Americans are struggling to meet payments and sinking further into debt. Many are even contemplating bankruptcy, despite its negative connotations. Yet there are less dramatic measures available such as a debt management plan or ‘DMP’.    

A DMP is a plan produced with the help of a credit counseling organization which agrees on realistic payments to be made to your creditors over a certain period of time.  After assessing your monthly income and outgoings, a debt management company will negotiate with your creditors on your behalf to make your repayments more manageable. They will also try to prevent you incurring any additional penalty fees. 

Instead of having to send money to your creditors, you will make one monthly payment to the debt management company who will settle your bills on your behalf.  In this way you won’t have to worry about being hassled by creditors or juggling numerous payments. 

A debt management plan involves no new borrowing as with a debt consolidation loan, so there’s no risk of you getting further into debt.  The idea of a DMP is to get rid of your all of your debt as economically and as quickly as possible!

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