Hello All, A Debt Management Plan is an informal arrangement between you and your creditors, to enable you to repay your debts with one affordable payment. Share your opinion here ...
Isn't that a type of loan you get so that you pay off the creditors? Taking on a new loan to pay off the old loans does not sound like a good idea, though. I posted in the "credit talk" forum the similar topic on if the creditors tend to waive the interest payments and reduce the principal as long as the debtors are interested in settling the account. No reply to that thread as of now.
