A debt management plan functions by having a counselor develop a payment schedule with the individual and their creditors, which may result in creditors agreeing to lower interest rates or waive certain fees, while the individual deposits money monthly with the credit counseling organization.

Authors

• Person: Not available Organization: Federal Trade Commission
  How To Get Out of Debt | Consumer Advice

Sources

• How To Get Out of Debt | Consumer Advice consumer.ftc.gov Federal Trade Commission via serper

Referenced by nodes (1)

• debt management plan concept