What is the meaning of Debt Management?

What is the meaning of Debt Management?

Debt management is learning to live on a budget day by day, no matter the cause of your debt.

Debt management plans help people decrease and eliminate debt. The plans work best with "unsecured debt," or debts such as credit cards, bank overdrafts and personal loans. "Secured debt," such as mortgages, rent and utility debts, cannot be included in a debt management plan.

Debt management relates to an unofficial agreement with unsecured creditors for repayment of debts over a specific period, generally extending the amount of time over which the debt will be paid back. You can contact - http://singlebetting.com/ to get more detailed information about it. Check out this site http://www.brightdayfinance.ie/ for more information.

It is an agreement between the debtor and creditors to pay outstanding debts. It’s an informal arrangement whereby the debtor agrees to pay outstanding debts but negotiable amount. This can be done either by setting up a plan with creditors or using debt management company to help deal with creditors on behalf of debtor.

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