Debt Management Plan Definition

A debt management plan is a method of combining credit counseling, debt repayment, and creditor concessions to effect long-term financial behavior changes and eliminate debt. Debt management plans are almost always managed by licensed individuals working for accredited agencies. Though difficult, they are among the most successful methods of eliminating debt. If you are serious about getting out of debt and avoiding bankruptcy, a debt management plan offers the avenue most likely to lead to long-term success.