Debt management is not a debt solution. It is a debt relief plan and if it does not include eliminating your debts, then it will not be very effective. It should only be used as a way to avoid bankruptcy. Bankruptcy affects you for years and you will have to struggle financially until your name is cleared from all the legal issues and all the bad credit that go with it. When you decide to use a debt solution, you can be sure that all your debts are solved and this will make it easier for you to manage your income in a more sensible way. Click on this article for more details about this service. The best debt solutions services will help you to consolidate all your loans so that you only have one payment each month. This is done by the company by negotiating with your creditors so that they will extend the terms of your loans or even reduce them. Once this is done, all your loans will be combined and then you will only have to make one payment to the service and this is normally at a lower interest rate than all the different payments you were making to different creditors. This will make it much easier for you to manage your income. Another advantage is that you will also be able to pay back the debt solutions services faster, since they will take care of your creditors for you. To qualify for a debt solution program, you need to have more than $10k in unsecured debt. You need to be making monthly payments already. But even with this qualification, you will have to prove that you cannot pay the full amount. If you can't afford to pay the monthly payments, then you will have to find other ways to pay the debt. Or you may even get a bankruptcy, which will clear your name from all your liabilities in a few months and give you a fresh start. A debt solution program can give you a free credit counseling, so that you will be able to know which options you have available for your unique financial situation. Credit counseling will give you advice about what you need to do to overcome your debt problem. Debt solution agencies will try to give you different options, but they will also advise you how to manage your money better. See more here to learn more about this debt solution. For your debt solution, there are credit counselors who will work with you and your creditor, and they will be able to reduce the interest rates and make it more affordable for you. In this way, you can easily pay back your debt, while the counselor is working for you. The main advantage of these credit counselors is that they will tell you about your options, and how you should handle your money. They will also help you get out of debt, by informing you about the options available. There are many different agencies that offer these debt relief solutions, but you need to be very careful when choosing one. First of all, if you have an unsecured debt, then you will have to go through a credit counselor. They will give you advice on your situation and help you get out of debt. Get more informed on this subject by clicking here: https://en.wikipedia.org/wiki/Debt_management_plan.
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