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Debt Manangement And Your Credit Report Article

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Debt Management: Is it possible to pay off your debts without damaging your credit report?



Millions of consumers in the US are unable to manage their credit card payments along with daily expenses, especially after the recent economic meltdown. If you are in a similar situation, then enrolling in a debt management program can help you get out from the trap of debt.

You can successfully lower your monthly payment, waive off late fee, penalties and within a specific time frame you can pay off the owed amount within your budget.

Complete information on debt management plan:

Credit counselor or debt management companies, such as Ovation Credit Services, offer a debt management plan to the debt stricken consumers to help you get out from the debt trap. The counselors can help you determine how you can lower your monthly payment. When you enroll in a debt management program, you can include your unsecured debts in your debt management plan like medical bills, credit card bills as well as personal loans.

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Some situations when you need a debt management plan:


Here are some of the situations when you need a debt management plan:

  • If you are unable to manage your multiple bills

  • If you failed on your self repayment plan

  • If you need professional financial assistance to regain control over your finances

  • If you want to stop creditor harassment

  • If you want to reduce the interest on your bills


Know about the steps in a debt management plan:

Here are a few steps involved in a debt management plan:

1. Financial analysis:

The counselors associated with the debt management company helps to analyze your financial situation. While preparing a repayment plan the interest rates on the bills, total amount you owe along with the minimum payment are taken into account.

2. Interest rate negotiation:

The counselor of a debt management company negotiates with the creditors to lower the interest along with the monthly payments.

3. Affordable repayment plan:

The debt management company helps to work out a repayment plan with the creditors to make the owed amount affordable to pay off.

4. Single monthly payment:

You are required to make a single monthly payment each month to the company. The debt management company disburses the payment to the creditors equally.

Effective 4 ways to manage your debts with a debt management plan:

Here are a few points you are required to keep in mind when you are in a debt management plan:

  1. When you are working with a debt management company make sure you accept a plan that you a can afford to follow. If you think the debt management plan offered by the company is not in accordance with the budget, then do not accept it.

  2. When you enroll in a debt management program make sure you get the terms and condition in writing. Before signing the agreement you are required to check the monthly fee as well as the duration of the program.

  3. When you work with a debt management company ensure you make a regular payment on time. If you miss your payments, then you may not enjoy the benefits offered by DMP.

  4. Try to keep track of your payment and check whether the company is paying the creditors on time. You need to verify the monthly statement in other to keep track on your payment plan.


Therefore, you are required to keep the above mentioned points in mind before hiring the services of a debt management company. Make sure you analyze the pros and cons of the program and decide in accordance with your financial situation.