Sky-high inflation, turbulent markets and ballooning interest rates have made life tough for consumers. To wit: Half of Americans reported that they are financially worse off now compared to last year, according to a recent Gallup poll.
Debtholders, thanks to higher borrowing costs, have had it particularly rough. If your red ink has become overwhelming, one option to consider is a debt management plan (DMP).
What is debt management?
In a debt management plan (DMP), clients work with a consumer credit counseling agency to come up with a repayment plan and follow through on it.
We also work with your creditors to lower interest rates, waive or eliminate fees and stop collection calls, said Tayri Martinez-Orza, a quality assurance spec…
Read the full article at: https://www.usatoday.com/money/blueprint/banking/pros-and-cons-debt-management-plan/