Debt management plan

namgyal · #1 (**permalink**) 12-20-2010, 10:15 AM

Hi everyone,
Will a Debt Management Plan have an effect on your credit rating?

MikeRoger · #2 (**permalink**) 12-21-2010, 02:55 AM

Yes, it does impact on your credit score in a positive way. But please remember that if your credit rating has already taken a hit because of late/missed payments, enrolling for a debt management plan will not make the credit score improve overnight. Once you start organizing finances as per your plan, your credit score will gradually show improvement.

debtty · #3 (**permalink**) 12-21-2010, 09:29 AM

Yes, it does impact on your credit score in a positive way. But please remember that if your credit rating has already taken a hit because of late/missed payments, enrolling for a debt management plan will not make the credit score improve overnight. Once you start organizing finances as per your plan, your credit score will gradually show improvement. Credit counseling companies such as debtburst will be able to give you a better idea of how this works.

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