By KAT TRETINA, last updated September 26, 2022. SAMANTHA SILBERSTEIN reviewed the article.
The typical American owes more than $92,000 in personal loans, credit cards, and student loans.
1 One option is to enroll in a debt management plan and work with a nonprofit credit counseling agency if you are having trouble paying off your balances. You can get help managing your money and pay off your debts in less than five years using this strategy.
There are, however, drawbacks to debt management plans that should be taken into consideration. What you need to know is as follows:
The most important takeaways are that debt management plans let you pay off your debt in less than five years.
You need to collaborate with a nonprofit credit counseling agency in order to begin a debt management plan.
To participate in a debt management plan, there may be enrollment and ongoing fees.
Plans for managing debt are only available for unsecured debt, such as the majority of credit cards.
What Are Debts?
