Debt Management Plan or call to get lower APR's myself?
Date: Wed, 05/02/2012 - 05:01
It is best to contact the creditors yourself and negotiate for a
It is best to contact the creditors yourself and negotiate for a reduced payment plan. It will help you save the monthly fees. Sometimes, creditors are more interested in working directly with the consumer rather than a third party. Nothing bad will happen. At the most, the creditors may refuse to lower your payments. But you should at least try to contact the creditors and reduce your debts once.
DMP will drop your score initially.
Your score will tank as you are not paying as agreed. With a DM
Your score will tank as you are not paying as agreed. With a DMP, your credit lines will all be closed, adding to the decline in your scores.