One of the disadvantages is the credit rate would be affected. The creditors do not have to accept payment offers (Lazarony). Also, reducing payments to the debt would result in an extended repayment period, increasing the total amount to be repaired (Lazarony). When someone starts a debt management plan, it’ll take longer for the debt to clear. Also, some might pay more because lenders do not have to stop adding interest and charges to the account. Lastly, the credit score will not be the same once it gets reduced, the credit score will be different. For six years, it will stay on your credit history (Lazarony). It will be more difficult to get credit, also, there will be more expensive offers. There are not that many disadvantages of having a debt management plan. I feel like if you know what you are doing and get the proper help that is needed, people would be able to plan …show more content…
Being a college student, I know debt management would help me out a lot. Being a college student, you have to learn how to budget your money, it is an important tool to learn in college and to carry on throughout life. One thing though, they would help college students out in life would be not accepting credit cards offers. In the mail, people send credit cards for college students, college students are a big target for credit cards companies. I feel like they should not be able to do that and some of the college students should not be so persuasive. I think the debt management plan is for certain people and it is not for everyone. I think that debt management plan is not for everyone, it is only for certain people. There are some people that cannot save money for anything, once they get it, they want to spend it. Some people are able to control their money, but the others need help learning how to keep money. Me, personally, I would use the debt management plan. I am really good at budgeting and not spending money on everything. There are some negative areas with debt management plans, but there are many more positive debt management plans out