Having trouble keeping on top of your debts? A debt management might be right for you

13 May 2013 - James Larkin

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Having trouble keeping on top of your debts?

A debt management might be right for you


Life without debts might still be far away, but a debt management plan can be a beginning.  A debt management plan cannot pay off money owed - but when looking for a life without debts, and when it has become too difficult to manage one's debts, help is there!   With a debt management plan, it is possible to find an agreement with one's creditors on how the money can be paid back in installments.

 

Talking to your creditors

When taking out a debt management plan, the company will negotiate with your creditors on your behalf and work out a plan to enable you to put all your debts together into one monthly payment. Possibly interest rates can be frozen and the monthly payment will be lower.


The advantage of a debt management plan

Having a debt management plan in place means you no longer have to talk to your creditors yourself, which not only makes your life easier, but you leave it to the experts who also will give you advice and support.   There will be only one monthly payment which will be less high and thus easier to fit into the daily costs.


Are there disadvantages?

Of course, nobody will give you money - it is only you who will eventually have to pay off your debts.    Having to pay small amounts every month means that the debt will last much longer and eventually could become more expensive after all.    Also, some creditors might not agree to a debt management plan.   This is why one should first check other options as well before deciding that a debt management plan is the right solution


 

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