Stop me if this feels familiar: You’re buried under mountains of debt. You’re living paycheck-to-paycheck. You’re fending off collections calls. You can’t see a way you’ll ever get ahead. And you’re tired of living this way.
Are you ready to start Paying Yourself instead?
Chances are you’ve seen at least one ad for a debt management program. And perhaps you’ve wondered, “Could this be the way I can finally get on top of my finances? Or is it just a scam?”
Today we’ll look at what a debt management program (DMP) is, whether it could be right for you and what other options you may want to consider before signing up for a DMP.
The Debt Management Program Experience
MindShift.money Managing Editor Erin Martell is a debt management program success story. She and her husband found themselves in roughly $100,000 of debt during their marriage. Erin was familiar with the concept of the DMP, but had been discouraged from signing up by a family member who didn’t like the concept. But after paying the minimums for several years, they realized that, at the rate they were going, they would be in debt forever. Although they had never been late with a payment, there was no end in sight. They decided to ignore the advice, chose a program and moved forward. “I’m so happy I did,” shares Erin. “I was out of debt in 60 months and have been debt free ever since.”