A Debt Management Program (DMP) follows a six-step process: (1) Choose a reputable DMP provider; (2) Participate in a free debt counseling session with a certified financial counselor to review income and debts; (3) Receive a recommendation on whether a DMP is a good fit; (4) Enroll and make one monthly payment to the DMP provider, which is then distributed to creditors; (5) The DMP provider contacts creditors to request reduced interest rates, waived fees, and manageable terms; (6) Maintain ongoing access to support, educational resources, and client success specialists until the program is completed, typically within 3 to 5 years.

Authors

• Person: Not available Organization: Harvard Federal Credit Union
  A Comprehensive Guide to Debt Management Programs

Sources

• A Comprehensive Guide to Debt Management Programs harvardfcu.org Harvard Federal Credit Union via serper

Referenced by nodes (1)

• debt management program concept