If you are in financial difficulty and thinking of going with a debt management plan, there are some advantages and disadvantages to consider.
Here are some of the pros:
1) You will receive expert advice on how to pay off your debts
2) Your stress levels will hopefully be lower as you can begin to see a way through this time
3) You will be better able to prioritise your spending and hopefully set you on a much better financial footing for the future
4) You will be able to start planning ahead for when you are debt free
Some of the cons: (and there aren’t many!)
1) It’s going to be hard – any debt management plan is going require self sacrifice and setting priorities in your life
2) It’s going to take – we all want things to happen yesterday, but repaying money you owe is just going to take time. There’s no way round that.
3) You may have to face reality that if your debts are particularly bad and there’s no way you can pay them back, that some form of bankruptcy may be the answer for you. It’s not the end of the world, but a nice thing to have to go through either. But a good debt management company will guide you through all your options.
Hope you found this article on debt management pros and cons helpful. Feel free to check out more articles on this site.