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Use a Debt Management Program to get your debts back on track


We often fall into the trap of letting our spending exceed our income. We may want to keep up with the Joneses and spend too much, or we may have unanticipated expenses, like car repairs, that cause us to spend too much.

If we spend more than we earn, we have to borrow to make the payments, so we get into debt.


Debt isn't bad if you are borrowing to buy a car or house, but if you have more debt than you can repay, you have a debt problem.

That's where a debt management programcan help.

A debt management program is a plan, prepared by a credit counselor, to repay your debts.

The credit counselor will start by explaining all of your options, such as budgeting, debt consolidation, and even bankruptcy. Then, if your debts are not too high, and if you have at least some income to make payments with each month, they will create a debt management program.

They will then contact your creditors, negotiate with them to accept your debt management program, and then collect payments from you each month to distribute them to your creditors. They can even arrange to take the payment automatically out of your bank account each month.

Once the debt management program is up and running, your credit counselor can provide you with ongoing advice to keep your expenses low, and to keep you debt free.

A debt management program is not the correct solution for everyone. You can't have too much debt, and you need a job or other source of income to make the monthly payments.

However, if you qualify, Debt Management Credit Counseling that starts with a debt management plan may be the perfect solution for your debt problems.

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