How does a Debt Management Program differ from the Debt Settlement Plan?
• A: Debt Management is paying off your total debt amount owed to your creditors where Debt Settlement is only paying off an agreed upon percentage of your total debt amount owed to your creditors. Creditors are willing negotiate because they desire to collect some payment rather than nothing if you were considering bankruptcy.
Related Questions
- What is Debt Settlement and how does it differ from Debt Management (also referred as Credit Counseling or a Debt Consolidation Program)?
- What is the difference between a Debt Settlement Program and Debt Management Plan (DMP)?
- How does debt management plan (DMP) program differ from declaring bankruptcy?
