Welcome to Debt Management, the site for information concerning all kinds of Debt Management Plan. If you require details on the best Debt Management available online now then this is the site for you.

Debt Management compared...

Your guide to all Debt Management Plan

Debt Management Plan are recommended for those no matter what their credit score and can be acquired straight away online. Debt Management Plan will help you to manage all your debts and take all your debt fears away.

Debt Management Plan | Debt Advice

13th March 2011

There are some questions being raised on the efficiency of a debt management plan for consumers, after it has been revealed that as many as a quarter of those who use the plans will take well over 10 years to settle their debts.

There are some questions being raised on the efficiency of a debt management plan for consumers, after it has been revealed that as many as a quarter of those who use the plans will take well over 10 years to settle their debts.

Experts are now trying to clarify how debt management plans only reduce the amount being paid each month and prolong repayment periods, instead of eliminating some of the debt which is outstanding on balances. Interest rates are commonly still applicable to debt management plans too, and there can be consequences over time should a person take a long time to settle their commitments.

New research also suggests that debt management plans can soon pave the way for consumers to start thinking about other options to handle their finances, namely including plans which are known as IVAs. These initiatives consist of an agreement being made on repayment levels for a 60-month period, with the consumer not being subjected to interest rates on the amount during the time.

In order to determine whether debt management plans really are the best option for a consumer to consider in the first place, there is now a primary focus on ensuring that consumers are made aware of all of the different ways that they can begin to manage their money. This comes as a fifth of people confirm that they did not complete all of the documentation which is normally needed before DMPs can come into force, in order for people to reduce their monthly repayments overall.

Even though debt management can allow people to handle their debt more efficiently, as well as the other expenses which they may have in their everyday lives (according to experts), there is not enough of an emphasis on how the repayment plans are far better suited to those who have relatively low amounts of debt in contrast to those with more substantial balances.

For those who have been struggling to contend with their debts over long periods of time, the stress which can be associated with the involvement of a debt management plan can be hard to justify. Very simplistically, the message can be to only opt for this type of financial agreement if the debt is quite low – this way, the interest that applies to the agreement’s repayments won’t result in consumers being ‘slaves to their debts’ over time.

Comments Off