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How will a debt management plan affect my credit?
Can I still use my credit cards if I enroll in the Debt Management Plan?
How will a debt management plan affect my credit?
The Debt Management Plan, which is different from a Settlement Plan, provides important benefits to help your situation by allowing you to pay back your debt much faster than you could on your own. The Plan typically includes creditor benefits such as reduced interest rates, eliminated late fees, and the end of collection calls. We cannot make any assurances about the state of your credit or credit score, given this is beyond our control and outside the scope of the Plan. While there is nothing that can be done to immediately fix a bad credit profile, by making consistent monthly payments over time, a person may be able to improve their overall credit profile and creditworthiness.
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Can I still use my credit cards if I enroll in the Debt Management Plan?
The objective of the Debt Management Plan, which is a different program than a Settlement Plan, is to get you out of debt as quickly as possible, so the creditors you put on the Plan may inactivate their accounts with you while at the same time granting you benefits.
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