2961: What Is a Debt Management Plan and How Does It Work by Jackie Beck on Financial Planning

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Episode 2961:

Jackie Beck outlines the essentials of a debt management plan (DMP) as a structured, non-profit-led approach to paying off unsecured debts like credit cards or small medical bills. She highlights its pros, cons, and alternatives, providing actionable steps to determine if a DMP suits your financial needs and encouraging accountability to make the debt repayment journey smoother.

Read along with the original article(s) here: https://www.jackiebeck.com/what-is-a-debt-management-plan/

Quotes to ponder:

"Working with a non-profit to use a debt management plan lets you make one monthly payment for your consumer debts."

"It may cut interest and fees, but you may have to pay a monthly fee to take part."

"No matter what you decide, you’ll need to make changes in your financial life to help make sure things go well in the future."

Episode references:

CESI Debt Solutions: https://www.cesisolutions.org

Consumer Credit Counseling Service (CCCS): https://www.credit.org

National Foundation for Credit Counseling: https://www.nfcc.org

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