What is a DMP?

A debt management plan (DMP) is a mutual agreement between you and a credit counseling agency (CCA). Simply put, you agree to repay your unsecured debts in full over time, without taking on any more debt. In return, most creditors will agree to significantly reduce your interest charges eliminate future late and over-the-limit fees and bring your account to current status.^*

What are the Pros and Cons of a DMP?

^{* Typically benefits are granted after the first 3 consecutive payments.}