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What is a debt management plan
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Manage episode 453005712 series 3602995
Contenido proporcionado por Todd Davis and Kia Thompson, Todd Davis, and Kia Thompson. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente Todd Davis and Kia Thompson, Todd Davis, and Kia Thompson o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
This episode explains debt management plans (DMPs), which are programs helping individuals manage overwhelming debt. DMPs involve credit counselling agencies negotiating lower interest rates and simplified payments with creditors. The benefits include reduced interest, easier payment processes, faster debt repayment, and potential credit score improvement. However, potential drawbacks such as fees and initial negative credit score impact are also discussed. Ultimately, the article advocates for consulting a credit counsellor to determine DMP suitability.
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