A Debt Management Plan (also known as a DMP) is a sponsored repayment plan where you work with a nonprofit credit counseling agency to pay back your existing debts. The plan puts all your qualified debts into a single payment, reduces interest rates and often eliminates fees. These plans typically last for about 4 or 5 years (maximum of 60 months) and will include a fixed payment due on the same day of each month throughout the duration of the DMP.
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