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A DMP is not a loan, and Bovee warns that there is "not a lot of wiggle room" in a credit counseling company's plan for you, which typically last up to five years. If you miss one, you could end up back where you started with high interest rates.
Your credit score and how quickly you need the money will determine which option is more viable.
As such, the costs of maintaining credit card debt in terms of interest rates and charges is likely to be much higher than servicing the same debt from a long-term source such as a secured loan or an unsecured personal loan.
The potential upside with this option is you could pay down your debt without paying any interest.
These organizations offer education on consumer credit, budgeting and debt management, and can put you on a debt management plan (DMP).
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By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.