2961: What Is a Debt Management Plan and How Does It Work by Jackie Beck on Financial Planning

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2961: Jackie Beck outlines the essentials of a debt management plan (DMP) as a structured, non-profit-led approach to paying off unsecured debts like credit cards or small medical bills. She highlights its pros, cons, and alternatives, providing actionable steps to determine if a DMP suits your financial needs and encouraging accountability to make the debt repayment journey smoother. Read along with the original article(s) here: https://www.jackiebeck.com/what-is-a-debt-management-plan/ Quotes to ponder: "Working with a non-profit to use a debt management plan lets you make one monthly payment for your consumer debts." "It may cut interest and fees, but you may have to pay a monthly fee to take part." "No matter what you decide, you’ll need to make changes in your financial life to help make sure things go well in the future." Episode references: CESI Debt Solutions: https://www.cesisolutions.org Consumer Credit Counseling Service (CCCS): https://www.credit.org National Foundation for Credit Counseling: https://www.nfcc.org Learn more about your ad choices. Visit megaphone.fm/adchoices

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Optimal Finance Daily, hosted by Diania Merriam, the innovative mind behind the personal finance conference EconoMe, takes you on an enlightening journey through the world of personal finance. Each episode brings to life the most compelling and practical advice from leading financial bloggers and experts. Diania’s engaging narration and insightful commentary transform complex financial concepts into relatable, actionable insights. Whether it’s budgeting, investing, debt management, or money mindfulness, she covers it all, making financial wisdom accessible to everyone. Gain not just knowledge, but also the motivation to apply it in your daily life. It's not just a source of personal finance tips; it’s a daily companion that guides you towards financial independence and savvy money management, all delivered with Diania's trademark enthusiasm and expertise. By focusing on early retirement, financial independence, and saving money, each episode provides you with the tools needed to achieve your financial goals. This podcast is designed for those passionate about personal finance, early retirement, financial independence, and saving money. It’s your go-to source for practical advice on managing your finances, saving money, and working towards early retirement. Each episode offers actionable steps to foster financial independence and secure your financial future. Listen now, and become an OLD friend--your optimal life awaits...