Dealing with Debt

Everything You Want To Know About A Debt Management Program

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We are continuing our goal to become an Agency that is fully transparent and exceptionally informative within our industry. We want to be a thought-leader and the go-to agency for educational information about Credit Counseling and Debt Management Programs.

We gave you three new pieces of content about Credit Counseling a few weeks ago, and now we want to share some additional new content that is centered on Debt Management Programs. We asked ourselves the following questions: “Who could benefit from a Debt Management Program?” “How does a Debt Management Program work?” and “What questions are being asked about Debt Management Programs?” We reached out to our management team and to our certified credit counselors for their answers. Below is an overview about these three new pages.

Who Could Benefit From A Debt Management Program? –

We started with the very important question: “Who Could Benefit From A Debt Management Program?” because it’s vital to understand that a DMP may not be for everyone. Anyone who has unsecured debt would probably benefit, but it goes a little deeper than just that. A Debt Management Program (DMP) is an affordable and relatively stress-free way to recover from your debt in as little as 3 to 5 years. The majority of consumers who go on a Debt Management Program are struggling with credit cards, retail store accounts, medical bills, collection agencies, or other debts that don’t involve any collateral. You must go through a credit counseling session first, and speak with a credit counselor before you can go on a Debt Management Program if you so choose.

Here is a small list of some consumers who could benefit from signing up for a DMP: Can Only Afford Minimum Monthly Payments, Past Due on Credit Card Bills and Getting Hit with Fees, Can’t get Ahead Because of High Interest Rates, Receiving Collection Notices and Collection Calls, Maxed Out Credit Limits on Cards, Considering Debt Settlement or Debt Consolidation Loan, Considering Bankruptcy, and Life Events that Make it Hard To Pay Off Debt.

These are just a few examples of the individuals, personality types, life events, or other troubles that could lead to debt, and, therefore, a Debt Management Program may become very beneficial and helpful. There are a number of less obvious benefits to a DMP, such as learning to use and maintain a budget, living without being dependent on credit cards, and learning the importance of paying more than the minimum. The most obvious benefits would be saving time and money while you’re getting out of debt.

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How Does A Debt Management Program Work? –

Then next question we wanted to answer was: “How Does A Debt Management Program Work?” because we knew that some people might not know what a DMP really is or just how the whole process works. So we wanted to break down the entire process step-by-step and give you some insight on what you can expect. Once you have completed your credit counseling session, and both you and your counselor agree that a Debt Management Program would be the best option, you can then begin the process of getting out of debt.

In this new content, we discuss the processes such as filing out the appropriate paper work, sending out proposals to the creditors, setting up your monthly payment, the monthly cycle and paying off your debts, and finishing the program to be debt-free.

This new content is intended to help everyone be well-prepared to start their Debt Management Program. We want everyone to understand the entire process and all of the steps involved, so they can be prepared, and take full advantage of the concessions that the creditors will provide.

Debt Management Program FAQs –

Finally, we have “Debt Management Program FAQs” to help answer your questions about a DMP. This next page of new content should hopefully answer all of the questions you could think of about a Debt Management Program. Anything that wasn’t answered in the previous two pages should be answered on this page. We asked ourselves what questions we might have, we asked our credit counselors what are some common and even uncommon questions they receive during a session, and we scoured the Internet looking on forums for what real people were asking.

We start with some simple questions such as “What are the benefits of a DMP?” and then we drill down to deeper questions like “How long will it take to pay off my debts?” or “How many creditors can be put on a DMP?” We discuss things like the cost, if there’s a minimum amount of debt, how does a DMP compare to Bankruptcy, will credit cards be closed, what types of debt can go on a DMP, what is a proposal, and much more.

We try to be clear and transparent with each of our answers to make sure you aren’t left with even more questions than before you started. We also touch on topics like: will my creditors still call me, will my creditors continue to send me monthly statements, when is my payment sent to my creditors, will my monthly payment go down as I pay off creditors, and a few more like that.

Conclusion –

Trying to list everything about a Debt Management Program and what could happen before, during, and after you’ve completed the program was a tough thing to do. It took so much research, time, dedication, and looking into our internal procedures to try and think of everything that might need to be answered.

We’ve helped people achieve financial success and independence since 1968, so we like to call ourselves experts when it comes to credit counseling and debt management programs. We feel strongly that the new content we’ve created will stand the test of time and be used as a comprehensive guide for years to come.

Author: Lauralynn Mangis
Lauralynn is the Online Marketing Specialist for AdvantageCCS. She is married and has two young daughters. She enjoys writing, reading, hiking, cooking, video games, sewing, and gardening. Lauralynn has a degree in Multimedia Technologies from Pittsburgh Technical College.