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Is it mandatory to close accounts after the DMP?

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Is it mandatory to close accounts after the debt management plan? Can’t I keep them open?

Unfortunately, you have to close accounts after the debt management plan. You got to understand one thing. Creditors agree to lower your interest rates on only one condition. You have to close the accounts after paying off the credit cards. They won't allow you to pay low interest rates on credit cards for an indefinite period.

Sub: #1 posted on Wed, 06/10/2020 - 23:40

David Martin David Martin

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You have to close all the account once you repay the debts through a debt management plan

Sub: #2 posted on Thu, 06/11/2020 - 23:36

Sanders Patricia Sanders Patricia

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Hello Joseph!

One of the agreements you have to make when entering into a Debt Management Plan is that you will close your credit card accounts and not get any new one until you are completely debt-free.

Sub: #3 posted on Sun, 06/14/2020 - 22:31

Ryan Miller Ryan Miller

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Hi Joseph! Unfortunately, you can't keep your accounts open, buddy! I agree with Ryan Miller. You have to make some agreements with the debt management company. And one of that is you have to close your credit cards and you have to opt for a new one once you get completely rid of your debts!
And you know what? I support this! Because it's really very tough to manage your credit cards when you are trying to get rid of credit card debt. So, good luck for your journey towards a debt-free life and use your credit cards wisely in future!

Sub: #4 posted on Sun, 06/21/2020 - 22:43

Craigh.terry Craigh.terry

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