Debt Management Plans in 1 Minute: Everything You Need to Know | Ask Abby – Credit & Debt

debt management sounds just about as exciting as watching the oven preheat that said managing your debt is important to keep your bills on track and your credit score happy if you have a hard time managing all of your accounts or making your minimum payment a debt management plan might be exactly what you need i'm abby from ask abby and this is everything you need to know about debt management plans in one minute a debt management plan is essentially non-profit debt consolidation that allows you to pay off unsecured debt in three to five years a financial coach like the ones on credit and debt will work with your creditors to stop late fees reduce your interest rates and lower your minimum payments rather than paying your accounts separately every month you pay one monthly payment to the credit counseling agency great news dmps are always no cost or low cost sometimes there's a 50 enrollment fee and sometimes there's a monthly admin fee which maxes out at 75 it all depends on what state you live in so ask up front in other great news a dmp won't directly impact your credit in fact getting your accounts paid on time will likely give it a boost spoiler alert you'll have to shred those credit cards while you're enrolled in the program but sometimes you can keep one open for emergencies debt management plans are relatively low risk and high reward to learn more about your options for debt management plans go to and sign up to talk to a coach for free

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