At CredAbility, certified counselors help consumers determine whether
they can tackle their financial challenges through budgeting and reduced
spending, or if the structure of a debt management plan will be more
effective.
What is a Debt Management Plan?
For a small monthly fee, consumers make a single payment to an agency like CredAbility, which acts as a trustee in distributing the funds to creditors. CredAbility works with both clients and creditors to design a debt repayment program that minimizes monthly payments, interest and related fees, providing a manageable tailored plan for the client. This enables the client to repay their entire debt obligation at more favorable terms, and on a plan that is within their ability to pay.
For a small monthly fee, consumers make a single payment to an agency like CredAbility, which acts as a trustee in distributing the funds to creditors. CredAbility works with both clients and creditors to design a debt repayment program that minimizes monthly payments, interest and related fees, providing a manageable tailored plan for the client. This enables the client to repay their entire debt obligation at more favorable terms, and on a plan that is within their ability to pay.
The repayment period varies based on amount owed and the repayment
terms. The average debt management plan is structured to repay debt in
36-60 months.
read more at Credit Counseling Organization
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