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What is the cost of debt management plans?

Debt management plans costs can vary, however many companies that offer this service are not for profit organizations so the fee structure is limited by government regulators. There is usually a modest set up fee of around $100-$150 and then a monthly maintenance cost often below $50.

For these fees you pay for budgeting advice, a fixed monthly payment plan, bill consolidation, and often reduced interest rates and late fees. Your debt management company will maintain contact with your creditors and as a middleman they help you maintain a discipline of ontime payments which in turn benefits your creditors who want to be paid what’s owed to them.

It can be a win win situation all around for those in need of budgeting assistance but be sure to select your debt management program wisely and do your research before signing on with one of them.