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Helping Consumers Like You Get Out of Debt Fast!
Could you really be free of debt in just 60 payments or less? Yes you can!
When debt is the problem, we are the solution.
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A debt management plan or program – DMP for short – combines credit cards and other unsecured debts into one monthly payment. It’s not a loan and unlike other forms of debt consolidation, you owe your original creditors. It’s a plan to help you pay off debt faster, set up through a credit counselling agency.
The goal of a debt management plan is to cut or eliminate interest charges and fees each month. This makes it easier to pay off your balances faster. You focus on paying off the principal – the actual debt – instead of wasting money on monthly interest charges.
What Is a Debt Management Plan (DMP) and How Does It Work?
A Debt Management Plan (DMP) is a structured program designed to help you pay off your unsecured debts, like credit cards, lines of credit, or personal loans, faster and with less stress.
Here’s how it works:
- A credit counselling agency negotiates with your creditors on your behalf.
- They aim to reduce or eliminate interest charges and late fees.
- You make one affordable monthly payment, which is distributed among your creditors.
It’s not a new loan, you still owe your original creditors. But with lower interest and simplified payments, you can become debt-free much faster.
How to Get Out of Credit Card Debt Without a Loan
Taking out another loan isn’t always the answer, especially when you’re already juggling high balances. A DMP offers a smarter way out:
- Stop the cycle of borrowing to pay off other debts.
- Lower or freeze interest rates through creditor agreements.
- Pay one monthly amount, making budgeting easier.
- Rebuild your credit score over time by making consistent payments.
You just need a plan that works with your budget, not against it.
How to Get Out of Debt When You Are Broke
If you’re living paycheque to paycheque, paying off debt may feel impossible, but it isn’t. Here’s what you can do:
- Speak to a certified credit counsellor. They’ll help you understand all your options, free of judgment.
- Create a realistic budget to see where your money goes each month.
- Join a DMP to reduce interest and make smaller, more manageable payments.
- Avoid payday loans, they only make the problem worse.
Even when money is tight, there are steps you can take today to move toward financial stability.
Debt Management Plan vs. Debt Consolidation Loan: What’s Better?
Both a Debt Management Plan and a Debt Consolidation Loan help you combine your debts into a single monthly payment, but they work in very different ways.
With a Debt Management Plan, you don’t take on new debt. Instead, a credit counselling agency works directly with your creditors to reduce or eliminate interest charges and arrange one affordable payment. It’s ideal if your credit score isn’t perfect or if you’ve already been declined for new loans.
A Debt Consolidation Loan, on the other hand, replaces your existing debts with one new loan, often at a lower interest rate, but it usually requires good credit and a stable income. If you don’t qualify or can’t manage another loan, a DMP is the safer and more realistic path toward becoming debt-free.
When to Talk to a Credit Counsellor
If you’re:
- Falling behind on payments
- Paying only minimums every month
- Relying on credit to cover essentials
- Getting collection calls
Then it’s time to talk to a credit counsellor. The conversation is free, confidential, and judgment-free. You’ll get a personalized plan to reduce debt and regain control of your finances.
Real Results: How Canadians Became Debt-Free
Thousands of Canadians have already turned their financial stress into success stories with Debt Management Plans. Here’s what some of them say:
“I was drowning in credit card bills after COVID. My counsellor helped me cut my interest rates to almost zero, and I finally see the balance going down each month. I’ll be debt-free in three years instead of ten.” — Laura M., Toronto
“Before joining the program, I could barely make minimum payments. Now, I pay one affordable amount each month and haven’t missed a payment in over a year. It feels amazing to have control again.” — David P., Vancouver
“I thought bankruptcy was my only option. Instead, this plan gave me a fresh start without ruining my credit. I even started saving money again.” — Samantha L., Calgary
With the right plan and a little guidance, you can join them. Apply today here.
