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Can I do a debt-management plan?

A debt-management plan means that you make one payment every month to a debt-management company, to cover all of your non-priority debts. Non-priority debts are things like credit cards, store cards, overdrafts and payday loans. These debts are non-priority because the creditor has less power to make you pay. The debt-management company shares your monthly payment between your creditors, which can take away a lot of pressure because you don’t have to deal with your creditors yourself. 

A lot of debt-management companies will charge you for this service. There is no need to pay for a debt-management plan. My Money Steps can help you set up a debt-management plan for free, if this is the right option for you. Start My Money Steps to find out.

 

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