Debt management is a professional intervention designed to help consumers get out of debt quickly. Debt management comes in the form of debt consolidation and debt settlement. Debt consolidation involves combining multiple, high-interest debts into one, low-interest loan you pay once per month. Debt settlement involves negotiation with your creditors by a debt management company to reduce your total amount of debt. With both services, you will be connected with a non-profit company who can help with debt management and credit counseling.
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Debt Management

If you are struggling to manage your debt, professional debt management can help you.

Dealing with Debt

When people encounter problems with their debt, they have a tendency to think of bankruptcy as inevitable. This could not be further from the truth. Just because you're struggling to manage your debt doesn't mean it's impossible. Bankruptcy is not your only option. In fact, over 7 million Americans now owe more than 20% of their annual incomes in short-term debt. You are not alone. There are professionals out there who can put you on the road to becoming debt-free.

Professional Debt Management

Sometimes the thing to do when you can't do something on your own is to enlist the help of a professional. Debt management is no exception. Professional debt management can help you get out of debt, and it can help you do so at a lower cost in less time. Debt management can refer to several services; namely, debt consolidation and debt settlement. In general, debt management involves consolidating your unsecured debt into one loan and one monthly payment. You work with a credit counseling service that then forwards your payment along to your creditors, helping you pay your bills on time. Best of all, your monthly payments and total amount of debt will be lower once you consolidate.

Benefits of Debt Management

The benefits of debt management are considerable, especially when you're looking for an alternative to bankruptcy or defaulting on payments. Here are just a few of the advantages:

  • Make one payment each month on a due date you select
  • Lower the interest rates and total cost of your debt
  • Reduce payments by up to 60%
  • Improve your credit score and credit report
  • Get out of debt in 36-60 months, on average
  • Stop creditors from harassing you for payments
  • Stay out of bankruptcy
  • Work with a nonprofit credit counseling service for guidance