What Is A Debt Management Program?

What Is A Debt Management Program?

What Is A Debt Management Program?

We Often Hear From Our Clients What Is A Debt Management Program? A Debt Management Program is a great solution to help someone who cannot keep up with credit card payments and other bills. It is for people who may have lost all control on their finances because of excessive unsecured debt. We may have made a mistake by overspending on our credit cards and now we are struggling to keep up with payments. You are not alone; there are many Canadians, who everyday struggle with credit card debt and other unsecured debts.

With A Debt Management Program, you will reduce your monthly debt payments (as much as 30-50%) as well as your interest rate (usually between 0-10%). You will consolidate all your unsecured debt into one monthly payment, which will be a major stress relief when you only have to worry about one monthly payment. There are a few bonuses that can come with this program, your credit counselor may be able to help you to avoid penalties and waive fees. By being in a program, it can help you to pay off your debt faster (since you are reducing the interest rate). It can definitely help your credit score by making the regular payments for the program.

Being in a Debt Management Program has many benefits to help you rebuild your credit and reduce your debt. Being in the program you can avoid filing for bankruptcy which is something you may not want to do because it will be on your credit file for six years and more as well as lowering your credit score significantly.

If you would like more information on the program, do not hesitate to contact us and we can have one of our credit counsellors speak to you about the program. To Receive A Free Analysis Please Submit Your Contact Form At: https://loanorcredit.ca/debt-consolidation/

About the Author LoanOrCredit