Debt Management Program Client Makes Last Payment
Apr 28, 2014
These words were recently shared with one of FamilyMeans’ budget and credit counselors as one family wrapped up its time on the agency’s Debt Management Program after four years.
Enrollees on FamilyMeans’ Debt Management Program (DMP) have a 60 percent success rate in paying off their debt while on the program. The DMP client makes a monthly payment to FamilyMeans, which then makes a payment to the various creditors owed. To be on the program, a client must have the financial ability to pay off their full debt amount with a five-year period.
The average amount of debt a family or individual owes each month is $480 and, according to the website Money-Zine.com, roughly 27 percent of all consumer debt, as of November 2013, is termed revolving credit. In 2013, the FamilyMeans Debt Management Program helped its clients repay $11.7 million to creditors.
Added the now former Debt Management Program client, “thank you for helping us make the decision to go ahead and do this program with FamilyMeans. I don’t know where we’d be today had we not done this.”