Debt Management Plans
Debt Management Plans
The Debt Management Plan is designed to pay off your debt in 3-5 years, while helping you develop sound financial literacy.
"I could not stop smiling. Because, for once, I felt like I had control [of debt]." - Nichelle
Get Started with A Free Debt Counseling Consultation
Take control of your credit card debt with help from one of the nation’s largest credit counseling agencies. Find sound financial literacy advice from the top experts and get started on your path to independence today. Start your journey now!
How It Works
The debt management plan consolidates your debt into a single payment. Each payday, you automatically deposit money into your GreenPath account, and we use that money to pay on your behalf. We may be able to arrange lower interest rates and monthly payments with your creditors, so you can pay off debt faster and save money.
Once creditors agree to the program, collection calls stop and you see your balances start to go down.
Why Choose a Debt Management Plan?
Sometimes, life doesn’t go as planned, but with the help of a debt management plan, you can get back on track and well on your way to planning a better and brighter financial future.
Debt management plans are designed to make your debt manageable while helping you develop sound financial literacy. Through a debt management plan, you will make payments on your original debt, working to improve your credit score in the long run. Consolidate and combine your payments into one, manageable payment to reduce the overwhelming stress of multiple debt payments across credit cards, loans, and more.
WE'VE HELPED MORE THAN 65,000 HOUSEHOLDS PAY OFF OVER $200 MILLION IN DEBT
Your Client Success Team
Our counselors receive training in compassion and empathy. It’s our job to listen without judgement, and to treat our clients with respect.
When you sign up for a debt management plan, you have an entire team of GreenPath people behind you. You’ll get information and support when you need it. We’re here for you at every step of the journey.
Here for You
You can call us anytime during business hours to reach a debt counselor if you need advice, or to talk to your Client Success Team about your account. You also have instant access to account information through our online debt management portal.
You also have access to a community of others who are paying off their debt in a private online group. This positive community of support is a great place to ask questions, share tips, and get friendly moral support to make your journey easier.
We believe in our clients 1000%, and we love nothing more than seeing you succeed.
Frequently Asked Questions
We work with most creditors throughout the U.S., including banks, credit unions, retailers, medical providers, auto finance and collection agencies.
Debt management fees vary based on your state of residence and debt amount. GreenPath charges a one-time set up fee that ranges from $0 to $50. We also charge a monthly fee that ranges from $0 to $75. This is minimal considering the amount of money our clients typically save in waived late fees, waived over limit fees, and reduce credit card interest charges.
Since the goal of a debt management program is to pay off debt, the credit cards enroll in the program will be closed. Most creditors will usually allow you to continue using one card for emergencies and travel.
GreenPath is a neutral third-party that works in your best interest. Many creditors support our work because they believe it results in positive, long-term outcomes.
GreenPath does not contact the credit bureaus when you enroll in a debt management program. However, because you will be closing lines of credit during the enrollment process, your score may dip. But over time, most people see their scores increase, because they are making payments in-full and on-time each month.
Yes, they are different. Debt management plans are designed to pay off the entire amount you owe in 3 to 5 years. If we can lower your interest rates, the total amount you pay to your credit card company is typically less than if you paid on your own. Debt settlement typically involves requesting credit card companies to forgive a portion of your debt in exchange for a lump sum payment.
Get started with a free debt counseling consultation. Chat with an expert!
When you call, you’ll talk to one of our NFCC-certified credit and debt- counselors. We’ll review your financial situation together, and make a personalized plan to get your finances back on track. We’ll explain the options and give you the information you need to make a choice that works for you.
Take the First Step It Is Free and 100% Confidential
Contact GreenPath to conduct a free debt counseling session to see if our debt management plan is right for you.
NOTE: This is an example. It helps you see how a debt management plan might help you. IT IS NOT AN ACTUAL QUOTE.
How Your Debt Is Calculated
- The pay “on your own” example assumes you make only the minimum payment.
- We use an interest rate of 24 percent. The GreenPath debt management plan example shown is based on getting rid of your debt within five years.
- We use an average interest rate of 8 percent .
In most cases, we can work with your creditors to reduce your interest rate. Actual interest rates will vary by client and creditor.