A debt management program (DMP) is a process used to payback debt in full or with fewer concessions than a debt relief settlement program. With this process, a counselor will determine your financial condition and then develop an action plan between you and the creditors. The counselor will contant creditors on your behalf and the creditors will determine what, if any, concessions will be allowed toward your accounts.
A credit counseling program is usually a free service and does not involve any changes to your debt accounts. Credit Counseling is a coaching and learning process for how to develop skills to manage money. You can find credit counseling tools that can be of benefit are budgeting spreadsheets, annual analysis processes and more.
A debt consolidation program involves taking all your existing debt and rolling into a new loan. This requires a qualifying credit score. Click the link to learn more about the details of a debt consolidation program.
A debt relief program for debt settlement involves paying a company a monthly fee to manage your accounts for you. Here, we will negotiate on your behalf to resolve debt. Click the link to learn more about the details of a debt relief program for settlement.
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