How a Debt Management Plan Can Help You in Illinois

Date Posted: October 9, 2023
By: Maggie Marques

Wondering how a debt management plan can help you in Illinois?

A debt management plan (DMP) may be a good solution if you are struggling with debt in Illinois.  A DMP allows your credit counseling agency to negotiate with your creditors. Here’s how a DMP can help you.

Debt Management Plan benefits
  • Lower interest rates. Having a DMP can significantly reduce the amount you pay for interest. It can reduce your credit card’s interest rate by around 8%, making it easier to pay off your debt.
  • Lower monthly payment. A DMP can also help you get lower monthly payments when your interest rates are reduced.
  • Simple payment scheme. With this plan, you only make one monthly payment to your credit counseling agency, and they will distribute the funds to your creditors. This helps you keep track of your debt.
  • Financial counseling. Some agencies offer free financial counseling as part of their DMP. You will learn how to manage your money better and help you avoid getting into debt in the future.

To use a DMP in Illinois, you’ll need to look for a nonprofit credit counseling agency. Look for a National Foundation for Credit Counseling certification to know you work with legitimate agencies. How a Debt Management Plan Can Help You in Illinois? Here’s how to get a debt management plan:

  1. Conduct an online search or look for recommendations from trusted friends or family members who have availed of their services.
  2. Book a free consultation with the agency. When being evaluated by your credit counselor, please answer the questions so he can figure out how to help find solutions for your financial situation. A DMP is only one of the possible solutions to your financial woes.

If you decide to use a DMP, your credit counselor will talk to your creditors on your behalf, ask for a reduction in your interest rates, and set up a repayment plan. So, if you are struggling with debt in Illinois, this can be a helpful solution. To help you start your journey, you can schedule a free consultation today.

Need some help with your debts? We’re here for you!

Get Free Debt Assessment

Recent Articles

Some of the articles you can read to help manage your finances

Finding Trusted Debt Relief Companies in Illinois
Posted on: April 1, 2024

Finding trusted debt relief companies in Illinois need not be […]

Read more
Exploring Debt Relief Solutions in Illinois
Posted on: March 23, 2024

Exploring Debt Relief Solutions in Illinois is the right way […]

Read more
Navigating Debt Relief Laws in Illinois
Posted on: March 22, 2024

Navigating debt relief laws in Illinois need not be a […]

Read more