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What is a DMP?

April 26, 2017consumer credit counseling debt management plan

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What is a DMP?

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A Debt Management Plan is sometimes recommended to clients whose ability to pay their debt is in jeopardy. A DMP alone is not credit counseling, and DMPs are not for everyone. Consider signing on for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money.

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A Debt Management Program offers a convenient plan for paying off debts and regaining financial stability.

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A dmp is whats called a debt management Plan. It is administered by a consumer credit counseling Company. In that type of program your interest rates should be lowered to around 6% – 10% across the board. You make one payment to the Counseling Agency and they disperse the money to the Creditors.