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A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.The company you choose to work with will negotiate your interest rate down and set up a repayment plan. You will pay one fixed monthly payment to the consolidation company that is then dispersed to your creditors, minus their fees. A debt consolidation loan may be a great option for you.But how do you get a debt consolidation loan with bad credit?
Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.However, these loans will require good credit history, usually at least a 660 FICO score or higher is required.