http://www.credit-card-counseling.net/debt/debt-management/debt-management-plans/ Debt management plans - What there's more than one? Life really is good! Get the low down on debt management plans. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 By this point you have probably already heard about some little things called debt management plans. And debt management sounds pretty good, right? It is something that you need a serious dose of, no? Maybe you are shy because you have never really met any of the debt management plans up close and personal. You just need a bit more information so that you are not so intimidated by these strange and wonderful debt management plans that we speak so highly about. You see, some of us on the staff here have been in some serious debt, too. And we have had the pleasure of meeting not just a few of these debt management plans. Choices in a nutshell There are two debt management plans that are the most commonly chosen and that are the basis for many of the other ones. First there comes the great debt consolidation. It entails a financial professional first negotiating with your creditors for the lowest final balances. Then all of the remaining balances are lumped into one sum. You can then take out a consolidation loan or you can leave the allocation of the monthly payments to the debt relief company. This is the most common debt management plan, it makes everything neat and tidy and saves you a lot of money in the long run. Another popular debt management program is debt settlement. The attraction to this one is that it gives you the opportunity to pay off your creditors in one clean sweep. Again a financial professional will make the best deal with the creditors, but in this case it is for payment in full by you. Generally, you end up paying about 40-60 cents on the dollar and you then give the creditors what you have agreed upon. This way all of the debts are considered to have been settled and you can start to save money again. If you are interested in one of these, make sure that you take an even closer look as we only gave a very brief description of these debt management services. Sat, 26 Jul 2008 15:00:00 EDT