Debt Management Plans, which are often called DMPs, are plans that allow debt relief providers to work directly with creditors to secure benefits. These benefits, which vary by creditor, typically include reduced interest rates, lower monthly payments, waived fees such as late fees and over the limit fees. If the DMP works within your budget, you may find this to be your first and best option. Learn why by using the links below.
It is important to understand how a debt management plan works before you enroll. Here we outline the key benefits and considerations of debt management to help you further in your decision process about the best plan for you.
Choosing the right provider for your debt solution, whether it is debt management or settlement, is critical to your success. Read below to see how CareOneSM Providers compare to others.
|Service||Other Providers||The CareOne Providers|
|Solid record with the Better Business Bureau (BBB)||Important to check|
|Online Statements||Important to check|
|Free educational resources||Sometimes|
|24-hour account access, online or by phone||Sometimes|
|Electronic payment processing||Sometimes|
|Existing relationships with over 150,000 creditors||Rarely|
|Other options available besides DMP||Rarely|
|Online community with thousands of existing members||Unlikely|
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