Debt Management Program

If you’re facing unmanageable credit card debt, a Clearpoint debt management program (also called a “debt management plan” or DMP) might be the answer.

A debt management program is a plan in which a credit counseling agency works with a consumer to repay their debt to multiple creditors with a single, comfortable monthly payment. A DMP helps you pay off your debt in a way that is convenient, safe, and brings you great benefits such as:

  • Lower interest rates
  • No more collection calls
  • Peace of mind

Many of our counseling clients come to us with five or more high-interest credit cards and are struggling to make their minimum payments. If you’re in a similar situation, a Clearpoint debt management program may be right for you.

How It Works

1. Work with a Clearpoint Counselor

Consumers interested in a debt management program will first consult a Clearpoint counselor in a free, basic credit counseling session, which is offered online, via phone, or in person. Your counselor will review your total financial situation and discuss your credit report, income and expenses, and FICO score with you. You and your counselor will then take inventory of your outstanding debts and creditors, and your counselor will explain how a DMP may work for your specific situation, including how your interest rates and monthly payments may change on the program.

2. Clearpoint Works with Your Creditors

Once you’ve decided to sign up for a debt management program, Clearpoint requests better terms for you from each of your creditors. Throughout our 50+ years of advising consumers, we’ve established relationships with thousands of creditors. This helps us anticipate their unique requirements and seek better terms on your behalf.

3. Make a Single Monthly Payment to Clearpoint

After your program is up and running, you’ll make a single monthly payment to Clearpoint and we’ll distribute those funds to your creditors on your behalf. Along the way, our counselors will be available should you have any questions or difficulties or find yourself in need of additional counseling.

Watch this brief video for more on how our debt management program works.

 

Benefits of a Debt Management Program

Our relationship with your creditors enables us to offer many benefits to you, such as lower interest rates and waived fees. Here are the main benefits a debt management program offers, but keep in mind that each client’s situation is unique and the details of each program may vary.

  • One monthly payment
  • Lower interest rates
  • Shortened payoff time
  • Waived late and over-limit fees
  • No more collection calls
  • Improved credit score over time
  • Alternative to bankruptcy
  • Help from a certified counselor
  • Reduced stress
  • Become debt free

You can read more about the benefits of a DMP here.

Ready to Pay off Debt?

Get started with a free online credit counseling session.

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Why Choose Clearpoint?

If you’re considering credit counseling or think you may benefit from a debt management program, there are many reasons to consider working with Clearpoint.

  • Nonprofit. You can trust us to provide objective advice and services that benefit you, the consumer.
  • Education focused. Since your financial well-being is our top priority, our counseling model rests on teaching you how to manage your money and providing you with solutions to your individual financial situation.
  • Certified credit counselors. The National Foundation for Credit Counseling (NFCC) is the largest, longest serving and most well-respected credit counseling network in the country. All Clearpoint counselors must be NFCC-certified, which means they have studied counseling principles, understand consumer rights and responsibilities, and have passed examinations showing their proficiency in these and other areas.
  • BBB accredited. We’re a system-wide accredited business of the Better Business Bureau with an A+ rating.

Other Frequently Asked Questions

What’s expected of me while on a debt management program?

Our counselors work tirelessly on your behalf, but a debt management program is collaborative and there are a few guidelines you’ll need to follow to ensure that your program is successful.

Is a DMP the same thing as debt settlement or bill consolidation?

No. Debt settlement and bill consolidation have risks and costs associated with them that DMPs do not. Read more about the differences here.

Will a DMP hurt my credit score?

Gradual repayment of your unsecured debt through a debt management program will usually help your credit score in the long-term. Read about how it works here.

Read our debt management FAQ for answers to many others questions, including those about program fees, estimated payoff timelines, and eligibility for new credit.

Get Started

To see if a debt management program is right for you, get started with a free credit counseling session. During the session, your credit counselor will offer guidance to help you determine your best debt repayment option—be it a DMP or other method of debt repayment. Here are ways to get started:

  • Online Counseling

    Our counselors will work with you at your own pace via email or phone to review your financial situation and develop a plan to achieve your goals. To get started, fill out an online counseling form and we’ll be back in touch shortly.

    Start Now
  • Phone Counseling

    For a credit counseling session by phone, call us at 877.877.1995.

    877.877.1995
  • Face-to-face Counseling

    To set up an in-person session with one of our counselors, view our list of locations and call the Clearpoint office most convenient to you.

    Locations

The great thing about Clearpoint is that their debt management program allowed me to consolidate the payments of 9 different credit cards into one single payment… They were the ones that contacted all the credit card companies and got the lowest APR possible. And they were very supportive too—there was never any judgment about what had happened or anything like that. They were just there to help, completely on board with me as a part of my team.

Additional Resources

Here are links to a few additional resources related to debt management programs.

Ready to Pay off Debt?

Get started with a free online credit counseling session.

Start Now

Ready to Pay off Debt?

Get started with a free online credit counseling session.

Start Now