Debt Management Programs

Debt Management Programs

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If you can afford to pay back your debts in five years, the agency may recommend that you enroll in a Debt Management Program (DMP). If you do, you will make one monthly payment to the agency, which will then distribute payments to each of your participating creditors. You must close all your credit card accounts. The benefit of a DMP is that many creditors will reduce interest rates and fees so that you can get out of debt in five years or less.