Skip to main content

Is there any difference between debt management and consolidation program?

Submitted by Kennye_2 on Tue, 01/16/2018 - 21:35

Is there any difference between debt management and consolidation? Both are professional debt relief programs and I've seen in both, I have to make single monthly payments.

You'll get a customized budget plan in the debt management plan as opposed to a debt consolidation program.

Submitted by SC on Wed, 01/17/2018 - 19:42


( Posts: 3937 | Credits: )

Debt management programs offer structured principle repayment plans that enable you to repay debt faster than you might be able to on your own. It has benefits such as lowered interest rates and waived fees.

On the other hand, debt consolidation involves opting one big loan and using the money to pay off several small unsecured loans, like credit card bills, utility bills, medical bills, etc. The lender might be a bank, credit union, or online loan company and the expected payoff time is 2-5 years.

Submitted by tiarajoseph11 on Thu, 01/18/2018 - 22:42


( Posts: 473 | Credits: )