By Alan Prahl
When we are living paycheck to paycheck, have accumulated debt or only can afford to make minimum payments, life can be difficult and stressful. Thankfully, it is often possible to break free from excessive debt and regain peace of mind.
One solution that some of our clients use is a structured repayment plan called a Debt Management Plan or DMP. These voluntary repayment plans help people repay their debt in a reasonable timeframe. Individuals consolidate their bills, send FISC one monthly payment, and we pay the creditors. Clients often get a reduced interest rate; phone calls from bill collectors end, and they pay off debt more quickly.
While DMPs are not for everyone, they really can be an effective tool. Since Jan. 1, 2007, 1,180 people started on debt plans with FISC. Of those who started, 58.4% of those people successfully completed their DMP or are still on their DMP.
Not everyone succeeds. This is hard work. Sometimes life gives people more challenges like a chronic medical condition, job changes and more bills. But the good news is that almost 60% of DMP clients are on track to be more financially free again.
If your finances are not working as well as you would like, try talking with a FISC financial coach. FISC can help you get a clear picture of your financial situation, reduce anxiety and suggest options to improve it.
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