Préstamos
Préstamos personales
Préstamos personales con garantía
Hacer un pago
Contáctanos
Sucursales
Herramientas
Calculadora de préstamo
Preguntas frecuentes
Glosario financiero
Obtén soporte de nuestros socios
Conviértete en experto
¿Qué documentación necesitas para un préstamo personal?
¿Qué es un préstamo a plazos?
Obtén la aplicación todo en uno para manejar tu préstamo. Además la app ahorra inteligentemente por ti.
Ahorros
Set & SaveTM Ayuda Contáctanos
4 razones por las que es tan difícil ahorrar dinero y cómo te puede ayudar Oportun
Cómo ahorrar dinero con Set & Save teniendo un presupuesto limitado
Selecciona una cuenta
Más educación financiera | Crédito y deudas
30 de agosto de 2024
Lectura de 8 minutos
Do you feel like your monthly debt payments aren’t making a dent? Debt management programs offer a structured way to lower your monthly payment and put you on track toward debt payoff. However, they aren’t your only option for getting out of debt.
Here’s what we’re going to cover:
A debt management plan, also called a debt management program or DMP, is a structured strategy offered by credit counseling agencies to help you pay down outstanding debts without getting a new loan. The agency gathers information about your debts and lenders, then negotiates with lenders on your behalf to create a payment plan that reduces your interest rates and combines your debts for easier management. In many cases, credit counseling agencies aim to create plans that eliminate all your debt within three to five years.
This article focuses on the services offered by credit counseling agencies, which are usually nonprofit organizations that educate consumers on managing money and debts. Under a debt management plan, you make a single payment to the agency each month. The agency then makes monthly payments to your creditors. A credit counseling agency will not advise you to stop paying your debt.
Credit counseling agencies can sometimes be confused with debt settlement companies (DSC’s), but there are several important differences. DSC’s are usually for-profit companies. Typically, they offer to pay off your debts using a lump sum payment to each creditor, but first you have to save up enough money before the DSC will make payments to your creditors. DSC’s may not be able to negotiate better terms with your creditors than you could yourself. They often instruct you to stop paying your creditors until you reach a settlement with them, even though that can result in additional late fees and interest on top of your debt, further harming your credit.
There are several noteworthy advantages and disadvantages to consider when exploring a debt management plan, including:
One of the biggest advantages of a debt management program is the opportunity to lower your interest rate. A lower interest rate saves you money overall and reduces your monthly payment, helping free up space in your budget. Debt management plans could also help you waive fees or charges for late payments, saving you more money.
Debt management programs consolidate your debts into a single monthly payment, that you pay to the credit counseling agency. The agency then makes monthly payments to your creditors. This makes managing your payments easier since you only deal with one creditor and one monthly payment. You also reduce the risk of accidentally overlooking a payment coming due, helping to avoid late fees and penalty interest.
Credit counseling agencies meet with you to discuss your finances before negotiating a debt payment plan. They help you understand your financial story and offer tips and advice before negotiating with your creditors. They’re also available for guidance once the plan has started. You can ask your counselor for help with budgeting, managing your debts, and planning for future financial goals. Some also hold or can direct you to workshops and other educational materials about personal finances. These, alongside a debt management plan, can boost your confidence in managing your money and moving forward.
Credit counselors typically negotiate three to five-year terms for debt management plans. Having a fixed term length and end date gives you a clear goal to strive for, removing much of the uncertainty that credit card debt can bring. Seeing progress toward your payoff date with each payment can also be incredibly motivating.
Combining debts and obtaining a lower interest rate may positively impact several credit score factors, such as your total outstanding debt. Furthermore, your score increases as you make timely payments, which are easier to manage under a debt management plan. However, remember that if credit cards are closed as part of the program, your score may dip.
You can negotiate with your creditors directly. Talk to customer service and explain your financial situation and your commitment to repaying the debt. Lenders and creditors want to be repaid and are often willing to refinance, reduce debt, extend repayment terms, and engage in other strategies to help their customers get back on track with payments.
In general, only unsecured debt, such as credit cards or personal loans, is eligible for debt management plans. Secured loans, which require collateral, usually don’t qualify. That means loans such as auto loans and mortgages won’t likely be eligible. Student loans, while typically are unsecured, may not be eligible either.
Although debt management plans offer a clear path to paying off your debts, finishing the plan can take several years. Therefore, debt management programs make sense if you’re eager to commit to a longer-term but stable way to reduce your debt.
Credit counseling agencies charge fees for debt management plans, even if you work with a not-for-profit agency, to sustain their operations. For example, the agency might charge an enrollment or setup fee to start the plan and monthly maintenance fees to maintain it. Depending on where you live, you might qualify for a fee waiver if you meet income requirements.
Credit counselors can’t guarantee that every debt will be included in the debt management program. Ultimately, each creditor must agree to the plan’s terms. If the counseling agency and creditor can’t reach an agreement, you may still have to deal with that debt. However, it may be easier to manage if your counseling agency successfully negotiates other debts into a plan.
Credit counseling agencies typically make their clients close the credit cards in the plan, pause all credit card use, and don’t let them open new credit cards as part of a debt management program. This may be inconvenient, but using credit cards while participating in a debt management plan can make sticking to the plan more difficult and increase the number of debts to juggle.
Debt management plans may hurt your credit initially, but if you are successful at reducing your debt, your credit score may go up in the long term. Here’s how one of these programs could impact your score:
When exploring if a debt management program is right for you, consider the following factors:
Debt management plans aren’t viable or desirable for everyone. You can also consider these alternative options:
Now that you understand how debt management plans work, you can learn about how Oportun may be able to help you if you’re looking for affordable credit options. Visit our homepage to learn about:
Experian. Is a Debt Management Plan Right for You?
Investopedia. Debt Management Plans: Everything You Need to Know
Debt.org. Debt Management Plan: Pros, Cons and FAQs
Experian. Can Your Lender Reject Your Debt Management Plan?
Forbes. What Is a Balance Transfer APR?
¿Listo para construir un mejor futuro? Aplica ahora.
Préstamos personales Ahorros
© 2025 Oportun, Inc. Todos los derechos reservados.
Usamos cookies para ofrecerle la mejor experiencia en nuestro sitio. Nosotros no vendemos su información a terceros. Al usar nuestro sitio, usted está de acuerdo con nuestra política del uso de cookies.