← All resources
Credit Counseling
Nonprofit credit counseling agencies can set up a debt management plan (DMP): you make one monthly payment to the agency, which distributes it to your creditors, often at a reduced interest rate they've negotiated in advance. It's a different mechanism than settlement — you generally repay the full balance, just on better terms.
Sound familiar?
- •Want to keep paying the full balance, just more affordably
- •Prefer a nonprofit, membership-organization structure over a for-profit company
- •Want budget counseling in addition to debt repayment help
- •Weighing a DMP against settlement or consolidation
Options people in this situation weigh
- An NFCC- or FCAA-accredited nonprofit credit counseling agency (look for these accreditations specifically)
- A debt management plan, typically 3-5 years, at a reduced interest rate
- One-time budget/financial counseling without enrolling in a repayment plan
- Comparing the total cost and timeline of a DMP against settlement before choosing
Related reading
See what applies to you
The free check-in takes about two minutes and gives you a clear read on your options.
Get Started