Debt Consolidation Plan May Help Consumers Deal With Money Problems
Wednesday, November 18, 2009 18:19
When trying to pay off debt, one of the options a consumer may consider is a debt management plan.
Through a debt management plan, a consumer works with a consumer credit counseling service. According to the Federal Trade Commission, consumers give the counseling service money, which it then uses to pay off debt for the person.
The advantage of a DMP is that a consumer credit counseling agency may be able to negotiate with lenders to get lower rates. However, the FTC notes there are some things consumers need to do if they are in such a plan. They need to make sure to make payments on time, and they should check their monthly statements in order to ensure their lenders are getting the money. Read the rest of this entry »