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What is a Debt Management Program?
A Debt Management Program or DMP is an agreement between you and a Credit Counseling Agency. Usually, you would agree to repay your debt in full without incurring any more debt and in return most cases, the creditors would waive any interest charges or late fees.
Reasons to apply for a debt management program:
-Save Time: A DMP can help get you out of debt more quickly than you could on your own.
-Save Money: A DMP can drastically reduce the high rates of interest typically charged by most creditors. They also eliminate late fees, so more of your money goes toward reducing your debt.
-Gain Peace of Mind: Besides putting an end to harassing calls from collectors, the right provider can guide you through a difficult time and help you plan a brighter financial future.
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