When carefully constructed, a debt management program can really help you organize your finances and pay your bills faster. However, since consumers are not always in debt for the same reason, there are multiple solutions for people trying to get out of a financial hole. The ideal candidate for this type of service/repayment program is someone who has high-interest debt and a stable enough income to manage the debt. The reason they need help is because they need to create a better budget for guidance, and that is precisely what debt management companies do.

Before you decide if this is the right route for you, you should first ask yourself a few questions.

“Will I be able to live without a credit card?”

“Do I really need external support to help me get through this financial crisis?”

“Will I have to make an expensive purchase within the next year that will require credit?”

“What exactly will my responsibilities be?”

You may have to give up new credit, especially if you want to keep the benefits the debt management program negotiated for you. You need to show that you’re really interested in getting out of debt, so applying for a new credit card or loan won’t help you at all.

Enroll in a debt management program

The enrollment process can take up to a month. Once you start enrolling, it will take some time for the negotiations to work and the payment plan to be established. Unless you have enough money to pay for both the program and make regular payments to creditors, be prepared to receive a late note (or more) on your credit reports.

If you start getting collection calls from creditors before everything is finalized, just let them know you’ve signed up for a debt management program and that should keep them happy and they’ll leave you alone.

If your problem is that you have too many credit cards to keep track of, choose a company that offers consolidation solutions. For some people, consolidation is the best and easiest way to manage their debt. Qualification requirements vary from company to company. Ideally, you’ll need to owe at least $5,000 in unsecured debt to be approved for the management program.

What company has a good reputation and reasonable rates? If you are really feeling overwhelmed by your debt, consider checking out CuraDebt and its solutions. There are many positive reviews about the CuraDebt debt management program and other services.