Faced with overwhelming debt? One popular way to potentially handle overwhelming debt is to enroll in a debt management program. Before you enroll, there are some things that you should know about how debt management programs operate.
What you need to know about debt management programs
A debt management program is a service that will combine all of your credit card debt into one payment plan. In order to enroll into a debt management program, you will pay the debt management company of the program a modest fee. Debt management programs are popular because they offer some benefits, including simplifying the debt payment process and possibly saving you money as well as grief.
You can read more here: Get Me Out of Debt - About Debt Management Programs
Here are the five things to know:1). You might be able to handle this yourself
It may be possible to manage your debt issues yourself if you are willing to put in the work. If you don’t want to pay an extra fee, then simply contact all of your creditors and negotiate a payment plan yourself. In many cases, credit card companies and creditors will want to work with you.
2). You could see a dip in your credit score
If you enroll in a debt management program, you may experience a drop in your credit score. This could be problematic if you are looking to get a home loan or an auto loan in the near future. However, if you are dealing with credit card debt issues, it may be better to postpone attempting to take on more debt.
3). Say goodbye to new credit
During your time in the debt management program, you will not be able to go get any new credit. This could be a big benefit since you should not want to take on new debt while you are trying to deal with your current debt situation.
4). Your debt is paid by the management company
With a debt management plan, you no longer pay your creditors. Instead, your debt management company handles the payments to your creditors. For this service, you will pay the debt management company a modest fee.
5). Make sure you can save money with this program
Many debt management programs may try to sell you on the fact that they can save you money. However, when you factor in the fees from the debt management company, the total savings may not be there. Be sure to double check the numbers before signing on to any debt management program.
Should you enroll?
Overall, a debt management program may be your best idea if your are overwhelmed with debt. On the other hand, you may not want to consider a debt management program if you don’t want to pay the extra fee and you plan to apply for a home or an auto loan in the near future.
Get to know all the facts before you decide
Enrolling in a debt management plan can be a really smart way to handle your debt. However, you need to make sure that you know all the facts. Be sure to do your research before making your final enrollment decision on any debt management program.
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