The Debt Management Program: What to Expect

Consumers who need to ease the burden of credit card debt or resolve issues concerning past-due accounts can rely on Consumer Credit Counseling Services (CCCS) agencies like ours for a strategy to get back on the right financial track. Our Consumer Credit Counseling Service agency provides quality financial education and credit counseling to assist consumers in determining the best financial decisions for life. Our credit counselors are certified by the National Foundation for Credit Counseling (NFCC) and as credit report counselors by the Consumer Data Industry Association (CDIA). Our counselors are trained and equipped to offer a wide range of options to help consumers reach financial success.

What is a Debt Management Program?

The Debt Management Program or DMP is a custom-fit program that helps consumers manage their debt load by structuring a manageable repayment plan with creditors. A certified credit counselor assists consumers in developing a personalized Debt Management Program which helps them achieve a better financial status. The program also explores ways to take control of a debt situation and regain financial stability.

How does a Debt Management Program work?

Credit Counseling Session
A Debt Management Program begins with a confidential credit counseling session with an NFCC and CDIA-certified credit counselor. During this session, a certified credit counselor will provide strategies on budgeting and saving. Your credit counselor will work to:

• Determine your personal financial goals
• Review and analyze your current financial situation
• Create a realistic budget to increase money savings
• Evaluate and explore best available options

Debt Management Program – Enrollment
If you and your counselor agree that it is an appropriate option, you can participate in a voluntary debt management program. After enrolling in the debt management program, your counselor will contact creditors to negotiate a repayment plan that will allow you to pay your debt more effectively. You will benefit from the convenience of making one monthly payment to creditors, reducing the interest paid as well as creditor fees.

Debt Management Program – Making Progress
Your credit counselor will be available throughout the duration of the program, and will contact you to discuss progress, review financial goals, and help adjust budgets to maximize savings. You will be in charge of your financial situation, and will have the knowledge and confidence to stay on top of all the debt being repaid through your debt management program. Ongoing follow-up sessions with your credit counselor will keep you informed throughout the duration of your Debt Management Program.

Debt Management Program – Completion
Upon the successful completion of a debt management program, you will have successfully paid off your debt to creditors. As you move toward new goals and objectives, the strategies developed with credit counselor will be important to your continued financial success. Consumers who have successfully completed a debt management program with our Consumer Credit Counseling Service agency are encouraged to contact us for other educational services and information so that they can continue down the path of financial well-being.