Debt Management Plans & Programs

A Debt Management Plan (DMP) is a debt relief program that helps you get out of debt faster than just paying down your accounts on your own. DMPs also can help you rebuild your credit. Your coach will analyze your financial situation and help you determine if a DMP is right for you.

How does a Debt Management Plan work?

A Debt Management Plan works by consolidating your multiple debt payments each month into one lump sum paid to a non-profit credit counseling agency, who sends the payment to your creditors on your behalf.

This debt relief solution can help to reduce calls from collections agencies and potentially even waive or reduce fees and charges.

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What you should know

Debt management programs will not directly hurt your credit score.

While not for everyone, DMPs can help you rebuild your credit score and reduce debt.

DMPs can help you make payments on time.

Consistently making payments to your creditors accounts for 35% of a FICO credit score while reducing your debt, accounts for 30%.

You can’t open new accounts or use credit cards.

This means that there won’t be inquiries on new lines of credit, which accounts for 10% of a FICO credit score and could help you in the long-run.

Are you ready to talk to a coach?

Our qualified financial coaches can help you reduce debt, consolidate your payments, and avoid bankruptcy. We’ll help you reach your financial goals with a custom-tailored debt solution that works for you.