What are the Pros and Cons of a DMP?
It is important to understand how a debt management plan works before you enroll. Here we outline the key benefits and considerations of debt management to help you further in your decision process about the best plan for you.
If you are unsure about what is right for you, call 1-888-888-CARE to speak to a specialist who can help you further.
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Pros- Can drastically reduce interest rates and eliminate late fees
- Potential to save up to 57% on your monthly payments
- One consolidated payment for your unsecured debts
- Benefits typically begin after 3 timely payments
- Collection activity should stop quickly
- Debt is repaid in full
- Less severe credit impact than settlement
| Cons
- Some creditors do not always participate
- You may not take on any additional debt while on the program
- You must make consistent monthly payments to ensure benefits continue
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How do I choose a DMP provider?