Is there any difference between debt management and consolidation program?
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.