Debt Management

What is Debt Management?

To put it simply, debt management is the act of managing debts. However, it can also refer to a credit counseling service that consolidates your unsecured debts into one monthly payment, which is sent directly to your creditors by the credit counseling service.

Debt management program is one of the many options that consumers have for reducing their credit card debts.

First, consumers can try to manage their debts on their own. Financial experts recommend that consumers should be tracking how much money they pay out every month, not only in terms of what they pay to reduce their various debts, but also for everyday and cost-of-living expenses. By doing so, they may be able to identify ways to cut costs for luxuries and other purchases even before making more radical decisions.

However, just doing a careful budget analysis will likely not turn up a cure-all solution for many consumers' financial woes, and more drastic steps may have to be taken. Consolidated Credit Counseling Services has helped over 5 million people resolve their debt issues. Certified credit counselors provide a free budget analysis to determine each individual’s situation, and then create a custom plan of action. For many, this plan may include debt management.

How does a debt management service work? The credit counseling agency will use its clout with financial institutions to effectively negotiate with consumers' various lenders, and make financially beneficial arrangements to ease clients' debt burden. Many consumers find that the agency is able to negotiate lower monthly payments, reduced interest rates or smaller fees. After this is done, consumers will only have to make one monthly payment - directly to the credit counseling agency - which is then properly distributed to all lenders. Overtime, the debts are paid off and consumers are able to leave the program debt free.

Debt Management Program from Consolidated Credit Has Helped Millions

Call Consolidated Credit at 1-800-320-9929 to speak with a certified credit counselor to find out if debt management can work for you. Since the early 1990’s, our agency has been helping consumers save thousands of dollars on their credit card debts.