Debt Management Plans

If you’re one of the many Americans being weighed down by debt the two simple words that can help are sometimes the hardest to put into action, debt management. As bills mount it can become increasingly difficult to take control of your debt. However, with help from the providers of CareOne Credit Counseling Services you can put a debt management plan into action today.

Our credit counselors work with individuals everyday to help them better manage their debt when they can’t do it alone. A qualified, well-trained credit counselor can shed light on the often confusing issue of debt and how to repay it by analyzing your financial situation with you and explaining your present finances. A credit counselor will analyze your specific debts and create a debt management plan to help you begin paying down your debt as quickly as possible.

Depending on how much and what kind of debt you owe, a Debt Management Plan, or DMP, could be the answer. A debt management plan, like the ones offered by CareOne providers, are a type of debt consolidation. Debt consolidation is a debt repayment plan in which your monthly payments are combined into a single, often lower and more manageable payment.

When creating a debt management plan a credit counseling agency will work directly with creditors to negotiate benefits on behalf of their clients. These benefits very often include not only lowered monthly payments but also lowered interest rates, waiving of certain fees and bringing your account current. Though the credit counseling agency will be the ones working with your creditors, a debt management plan is an agreement between you and your agency, not you and your creditors.

In exchange for the credit counseling agency’s services you must agree to pay off your current unsecured debt while not incurring any additional debt during the time the debt management plan is active. Although you will be limited in borrowing during this time a debt management plan can help you to reduce your monthly payments up to 57%, improve your credit score, give the convenience of just one payment and get you out of debt quicker.

If a debt management plan sounds like a possible solution to your debt problems you can start learning more today. By taking just a few moments to provide CareOne Providers with some basic information you can talk with a credit specialist and begin taking control of your debt now. You’ll also get access to estimates on how much a DMP can save you as well as our complete Surviving Debt Guide both free of cost with zero commitment.