The procedure for a debt management program involves the following steps: (1) The individual works with a credit counselor to develop a budget and repayment roadmap. (2) The counselor negotiates concessions with creditors. (3) If creditors agree, the individual makes one monthly payment to the credit counseling agency. (4) The credit counseling agency distributes the payment between each participating creditor.

Authors

• Person: Not available Organization: Bankrate
  A Comprehensive Guide To Debt Relief Programs | Bankrate

Sources

• A Comprehensive Guide To Debt Relief Programs | Bankrate www.bankrate.com Bankrate via serper

Referenced by nodes (2)

• debt management program concept
• credit counselor concept