Debt management plan (DMP) is an agreement between a debtor and a creditor that addresses the terms of an outstanding debt.[1] This commonly refers to a personal finance process of individuals addressing high consumer debt. Debt management plans help reduce outstanding, unsecured debts over time to help the debtor regain control of finances. The process can secure a lower overall interest rate, longer repayment terms, or an overall reduction in the debt itself.[2]
- ^ FTC (Federal Trade Commission). "For People on Debt Management Plans: A Must-Do List" (PDF). FTC.GOV. Federal Trade Commission (United States Government). Archived from the original (PDF) on 20 September 2017. Retrieved 30 December 2014.
- ^ Joan Ryan (14 January 2011). Personal Financial Literacy. Cengage Learning. pp. 292–. ISBN 978-0-8400-5829-4. Retrieved 13 December 2011.