How does Debt Management work?
Debt Management is similar to Consumer Credit Counseling; both negotiate your interest rates and terms to a lower amount. Typically if you had a credit card with 20% interest, paying minimums would take 20-40 years. With Debt management, that would turn into a 8-10% card with a term of say 4-5 years, payment about the same, and it will be paid off in that short timeframe without negative impact on you credit, because you stay current on your accounts unlike Debt Settlement. However, while in the program you typically cannot acquire more unsecured loans but can get home and auto loans.
