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Debt Management Plan: How It Works

A Debt Management Plan can help you get out of debt by reducing the length of time it takes to repay credit card debt and lowering the total amount of interest paid. Most clients on Debt Management Plans are able to repay their debt in five years or less.

Here’s how the process works:

Step 1
Get Started with Credit Counseling

Complete a Free Financial Review

Step 1
Get Started with Credit Counseling

Call us or complete the online form to receive a free credit counseling session. During your credit counseling session, one of our certified credit counselors will review your finances, provide you with educational tools and resources, and develop a personalized budget and action plan for success.


Step 2
Learn Your Options

Identify type of Student Loan

Step 2
Learn Your Options

Depending on your situation, options to overcome debt may include: creating and maintaining a budget, seeking internal hardship plans with creditors, fiIing for bankruptcy or participating in a Debt Management Plan. We will explain the pros and cons of each option so you can make the decision that is best for you.

If we recommend a Debt Management Plan, we will provide you with an agreement to review and sign. The agreement will include your budget analysis, creditor list and balances, estimated monthly payments and estimated time to pay off your debt. To start your plan, you will need to sign and return your agreement along with your first payment, if required.


Step 3
Take Action to Eliminate Debt

Identify type of Student Loan

Step 3
Take Action to Eliminate Debt

Once your plan begins, we will notify each of your creditors that you are enrolled in our program and ask them to provide you with more favorable payment arrangements and terms. Creditors will typically change the terms of your original agreements. New terms may include:

  • Reduced interest rates and finance charges
  • Waived late and over-limit fees
  • “Re-aging” your accounts to bring them current
  • An overall lower monthly payment

You will submit one payment to Take Charge America each month, and we will disburse your payments to multiple creditors and service providers. We will also provide you with a monthly Account Activity Summary where you can review your progress.


You Can Do It - We Can Help

Financial relief is within reach! Get started with your initial credit counseling session and learn how debt management may help you reach your financial goals

For more information on a debt management plan, please visit our Debt Management FAQ's.

Get Started Now!
or Call 866-528-0588

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