If you find yourself heavily in debt, you might turn to a debt management plan (DMP). These programs can help you get out of debt, although they are not free of risk. One implication being your ability to apply for new products such as a mortgage or auto loan while paying down your debt.
Can I get a loan while on a debt management plan?
While being in a DMP may make it harder to secure new financing, it will not automatically disqualify you.
What is a debt management plan?
To enter a debt management plan, you have to work with a credit counseling organization that specializes in helping people with debt. The credit counselor negotiates with your creditors on your behalf to set up a payment plan. Typically, youll adjust the terms of yo…
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