What is a Debt Management Plan?
For a small monthly fee, consumers make a single payment to an agency like CredAbility, which acts as a trustee in distributing the funds to creditors. CredAbility works with both clients and creditors to design a debt repayment program that minimizes monthly payments, interest and related fees, providing a manageable tailored plan for the client. This enables the client to repay their entire debt obligation at more favorable terms, and on a plan that is within their ability to pay.
For a small monthly fee, consumers make a single payment to an agency like CredAbility, which acts as a trustee in distributing the funds to creditors. CredAbility works with both clients and creditors to design a debt repayment program that minimizes monthly payments, interest and related fees, providing a manageable tailored plan for the client. This enables the client to repay their entire debt obligation at more favorable terms, and on a plan that is within their ability to pay.
The repayment period varies based on amount owed and the repayment
terms. The average debt management plan is structured to repay debt in
36-60 months.
Listen as our CredAbilityU experts discuss financial tips on making a
five year plan and more importantly how and why you should do it.
3:49 min
Listen as our CredAbilityU experts discuss a variety of free resources that can assist you with your personal financial goals.
read more at NonProfit Debt Management Program
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