Debt Management Plan for Payday Loan Debt
A debt management plan for payday loan debt is a structured repayment program set up through a credit counseling agency that negotiates reduced interest rates with your creditors.
How It Works
1
Meet with a certified credit counselor for a free evaluation
2
Counselor creates a customized repayment plan
3
Agency negotiates lower interest rates with creditors
4
Make one monthly payment to the agency, which distributes to creditors
Who Qualifies?
- ✓Any amount of unsecured debt
- ✓Able to make reduced monthly payments
- ✓Committed to 3-5 year plan
Pros & Cons
Pros
- ✓Lower interest rates
- ✓Minimal credit impact
- ✓Non-profit counseling
Cons
- ✗Must pay full amount
- ✗Takes 3-5 years
- ✗May close credit cards
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