What is a Debt Management Plan (or DMP)?

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. 

You can learn more about credit counseling here.

To start exploring all your options, you can create an account here.

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