Debt Management. Surendra P. Singh Professor Agribusiness Tennessee State University Nashville, TN 37209 September 11, 2008. Debt. Debt: something owed, an obligation to pay or render something to another. Myth: debt is a tool and should be used to help create prosperity.
Surendra P. Singh
Tennessee State University
Nashville, TN 37209
September 11, 2008
Debt management companies can help you get better interest rates and lower payments, but at a price.
Traditional mortgages will consider your credit trashed.
Real debt help is found only in changing your behavior.
True debt management is about controlling your money.
The solution is common sense and having a plan for your total money makeover.
With Determination, will, discipline, courage can be overcome.
78% baby boomers have mortgage debt
59% have credit cards
56% have car payments
You need to be aware that if payments to your DMP and creditors are not made on time, you could lose the progress you’ve made on paying your debt, or the benefits of being in a DMP, including lower interest rates and fee waivers.
If you discover that the organization handling your DMP is going out of business you need to:
Contact your bank to stop payment if you are making your DMP payments through automatic withdrawal
Start paying your bills directly to your creditors