A debt management plan involves a credit counselor developing a payment schedule with the debtor and their creditors, which may result in creditors agreeing to lower interest rates or waive certain fees, while the debtor 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
• How To Get Out of Debt | Consumer Advice consumer.ftc.gov Federal Trade Commission via serper

Referenced by nodes (2)

• debt management plan concept
• credit counselor concept