Most debt management programs will give you credit counseling services, helping you build a new budget and spending plan in order to avoid you from sinking back into debts again. Others leave the budgeting process under your control. The common factor in all debt management services is that they can receive one large monthly payment and break it down into smaller payments to disperse to every single creditor or lender.
Generally, this assistance is reserved for unsecured debts, like cards and personal loans. Debt management is rarely suited for secured debts like mortgages and car finance.Debt management programs can have a bad impact on your credit. Any changes for a loans or credit card debts which have been negotiated by a debt management company could very well appear on your credit history, and might be looked on unfavorably by potential lenders. These marks on your credit history, however, are generally less significant when compared with missed or late payments, and definitely less harmful than credit card debt settlement or bankruptcy.
Source: http://nabswdallas.com/debts-management-programs-and-services/
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