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Find out your debt management program monthly payment, new interest rates and how quick you can pay off your debt without a phone call or in person visit.
- First, we'll take a look at all your liabilities by pulling a copy of your credit report.
- Then, we'll determine which accounts are eligible for benefits through our program.
- Next, you will enter your monthly expenses and income.
- And finally, you will analyze the savings to determine if the Debt Management Program is right for you.
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Debt Management Stats
In 2025, our average customer's interest rate on their own prior to the DMP was 23.24%. This is slightly above the average. After enrolling onto our DMP, their average interest rate dropped to 6.36%.
Client enjoyed a drastic drop in their monthly payment in 2025. Our average customer's monthly payment prior to the DMP was $883. After enrolling onto our Debt Management Program, their average monthly payment lowered to $645. That's an average decrease of $238 per client!. Not everyone's payment decreased. The monthly payment is determined by your balances, the credit card company's guidelines and your budget.
Debt Settlement vs. DMP
Though similar in name, a debt management program is not the same thing as a debt settlement program. A Debt Settlement program requires consumers to fall months or even years behind on payments, By doing this, the collection agencies will settle for a percentage of the debt you owe.
With debt settlement, consumers pay a percentage of what is owed to their creditors, but this often results in a negative impact to your credit score. Especially if you were in good standing prior to joining their program. Consumers on a DMP pay back the balance in full to their creditors. So the credit score impact is usually neutral if not positive over time.
DMP Credit Effect
Enrolling onto a DMP can improve the two biggest factors used to calculate credit scores: credit history and credit utilization. There is potential to weaken your credit score if you don’t continue to make payments during the enrollment process. But as long as you continue to make minimum payments until the program starts, enrolling in a DMP should not negative impact your credit. Obviously, making on time payments while on the program is required to keep your credit in good standing.
DMP’s are typically offered by consumer credit counseling agencies that are 501(c)3 nonprofit organizations. Because of this, the cost of the DMP is relatively less than other debt solutions. When enrolling in DebtWave’s DMP, clients can expect to pay an initial setup fee and monthly service fee. Fees vary by state. So please contact one of our financial counselors to find out how much it costs for you personally to enroll in our DMP.