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Is there any difference between debt management and consolidation program?

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Is there any difference between debt management and consolidation? Both are professional debt relief programs and I've seen in both, I have to make single monthly payments.




You'll get a customized budget plan in the debt management plan as opposed to a debt consolidation program.

Sub: #1 posted on Thu, 01/18/2018 - 09:12

SC SC
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A debt management program or a DMP is usually offered by a credit counseling agency when budgeting tips are not enough for a person to solve his/her financial problems.

Sub: #2 posted on Thu, 01/18/2018 - 19:17

Mabelle Page Mabelle Page

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Debt management programs offer structured principle repayment plans that enable you to repay debt faster than you might be able to on your own. It has benefits such as lowered interest rates and waived fees.

On the other hand, debt consolidation involves opting one big loan and using the money to pay off several small unsecured loans, like credit card bills, utility bills, medical bills, etc. The lender might be a bank, credit union, or online loan company and the expected payoff time is 2-5 years.

Sub: #3 posted on Fri, 01/19/2018 - 12:12

tiarajoseph11 tiarajoseph11

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Take out a consolidation loan to pay off your debts. Make sure you are regular on your new loan.

Sub: #4 posted on Fri, 01/19/2018 - 18:30

sanderspatricia29 sanderspatricia29

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