How a Debt Management Plan works?
In debt management plan the deposit of money can be made each month with the credit counseling organization. It uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills based upon the payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or reduce certain fees. But it’s a good idea to check with all your debtors to be sure that they offer the concessions that a credit counseling organization describes to you. A debt management plan requires you to make regular and timely payments. The debt management plan can take 48 months