Our free debt management program calculator gives you an estimate of what your monthly payment and potential savings could look like with a Debt Management Plan through Debt Reduction Services. As a 501(c)(3) nonprofit accredited with the FCAA and NFCC, Debt Reduction Services provides credit counseling and debt management services.
A DMP does not replace your debt with a new loan, and you have no obligation to enroll after receiving an estimate. This plan may combine qualifying unsecured debts into one monthly payment, and participating creditors may reduce interest rates or waive certain fees.
We’re a Nonprofit Debt Relief & Credit Counseling Agency in business for over 28 years with an A+ rating from the Better Business Bureau.
See what a Debt Management Plan could look like for you. Enter details such as balances, interest rates, and monthly payments to get started. Our debt management calculator uses this information to estimate potential payments and savings. Estimates are not guaranteed or final plan offers.
We will also send your information to our counselors, so you can expect a follow-up call to discuss your results and personalized information.
THIS IS NOT A CREDIT CHECK. Our debt resolution calculator will simply pull your reported debts for the calculation. There is no credit check involved.
For a more in-depth overview of this quote, you can live chat, call, or email with one of our Certified Credit Counselors.
We may be able to find further benefits and discounts through your creditors and get you additional savings and lower your monthly payment even further beyond this initial estimate.
“It’s like a breath of fresh air. Luz has been very helpful and knowledgeable of the services they have to offer me for my situation. This is a great start to a new business relationship.”
– LaRita W., via Google Reviews
What Your Debt Management Calculator Results Mean
Your results serve as a starting point for understanding how a Debt Management Plan may change your monthly payments and total costs. Here are a few key elements that the estimates from your debt relief program calculator may show:
- Estimated monthly DMP payment: This amount is what you may pay each month if eligible debts are included in a plan.
- Estimated monthly savings: This number reflects the difference between what you currently pay and the estimated DMP payment.
- Potential interest savings: Participating creditors may reduce interest rates, which can lower the total amount of interest paid over time.
- Estimated repayment timeline: This time estimate reflects how long repayment may take based on the information entered.
- Potential creditor concessions: Creditors set DMP policies, which may include available interest-rate reductions, fee waivers, and other concessions, depending on the creditor, account type, balance, payment history, account status, and current program terms.
- Estimated results: Calculator figures are not guaranteed terms or a final DMP offer. Our calculator relies on the information you enter and general program assumptions. Your creditors have not yet reviewed or approved specific concessions, and your complete financial situation has not been evaluated.
A certified credit counselor can review your full financial situation, confirm which debts may qualify, and explain the options available to you.
Benefits of Our Debt Consolidation Program
Results depend on your financial situation, participating creditors, eligible debts, and available terms. An estimate given by a debt management program calculator does not guarantee specific savings or creditor concessions.
Take a look at some of the most common benefits of our debt consolidation program:
Reduce Your Monthly Payments by up to 50%
If high minimum payments are straining your budget, a DMP may help lower what you owe each month, helping you reduce credit card debt without taking out another loan. Savings vary by creditor and account, but reduced payments can make staying current and following a repayment plan more manageable.
Reduce Interest Rates up to 75%
High interest rates can keep balances from getting lower, even when you make regular payments. A DMP may result in lower rates from participating creditors, helping reduce interest costs and allowing your payments to make more progress against the principal balance.
Pay Your Debt Off Sooner
A structured repayment plan can help you make steady progress instead of staying stuck with revolving balances and minimum payments. Lower interest rates and consistent monthly payments may shorten the time it takes you to become debt-free.
Stop Late and Over-Limit Fees
Some creditors agree to waive or discontinue certain late and over-limit fees for accounts included in a DMP. Your results will depend on creditor participation and account terms, which your credit counselor can review with you.
Stop the Collections Calls
Once you establish and accept a payment plan, participating creditors may stop contacting you about enrolled accounts. If a debt has already gone to collections, your counselor can explain how the plan may handle that account.
We highly recommend speaking with a live counselor for a more in-depth quote and to review the possibility of additional benefits.
“Debt reduction services were an answered prayer for my family and me. It was step 1 of getting myself on the right track financially. Still working on it. But no more bad debt.”
– Josh B., via Google Reviews
How a Debt Management Plan Works
1. Review Your Debts and Budget
A certified credit counselor looks at the full picture—not just your balances. They review your qualifying debts, income, expenses, and current monthly payments to determine whether a Debt Management Plan fits your financial situation.
2. Create a Personalized Repayment Plan
If a Debt Management Plan is a good fit, we help you build a repayment plan based on your eligible accounts and each participating creditor’s guidelines. Any available interest-rate reductions, fee waivers, or other concessions depend on the individual creditor and account.
3. Make One Monthly Payment
Rather than sending separate payments to each creditor, you make one monthly payment to Debt Reduction Services. We then distribute those funds to the participating creditors based on your repayment plan terms.
4. Work Toward Paying Off Your Enrolled Debt
You continue repaying the debts enrolled in your DMP until you pay them in full under the plan. Because a Debt Management Plan is not a consolidation loan, you don’t have to borrow additional money to pay off existing balances.
Is a Debt Management Plan Right for You?
A DMP may make sense to explore if you:
- Have several eligible unsecured debts
- Are having trouble keeping up with minimum payments
- Want to reduce the burden of high interest rates
- Prefer a clear, structured path to repayment
- Do not want to borrow more money to consolidate debt
- Can afford a consistent monthly payment
- Want fewer creditor payments to manage
A DMP calculator can help you estimate possible results, but it cannot determine eligibility. A certified credit counselor can review your full financial situation and explain whether a DMP or another solution may be appropriate.
What Types of Debt Can Be Included in a Debt Management Plan?
Debt Management Plans generally focus on eligible unsecured debts, including:
- Credit card debt
- Personal loans
- Medical bills
- Certain collection accounts
- Some unsecured lines of credit
- Other qualifying unsecured debts
Eligibility varies by creditor and account. A certified credit counselor can review your debts and explain which accounts may be included in a Debt Management Plan.
Debt Management Plan vs. Debt Consolidation Loan vs. Debt Settlement
A Debt Management Plan takes a different approach from borrowing or settling for less than you owe. With a DMP, you repay enrolled unsecured debts through one structured plan. A debt consolidation loan replaces existing balances with new debt, and a debt settlement generally involves negotiating to pay less than the full amount owed.
“This company was efficient, supportive, and helpful during my process. I worked directly with Meghan, she was so great at being patient with me while I decided on moving forward, gathered my numbers and took the steps.”
– Shelly H., via Google Reviews
Why Work With a Nonprofit Credit Counseling Organization?
Debt Reduction Services is a 501(c)(3) nonprofit focused on helping individuals understand their finances and evaluate realistic next steps.
Since we’re licensed to provide debt management and consumer credit counseling services in all 50 states, you can start with a free credit counseling consultation and work with a certified counselor no matter where you live. Our counselors can:
- Review your debt, income, expenses, and budget
- Provide education around debt management and budgeting
- Explain whether a DMP may fit your situation
- Discuss other options when a DMP is not appropriate
- Help without requiring enrollment simply because you used the debt management program calculator
Creditors We Work With
Debt Reduction Services’ program is not a loan that replaces your existing debts with a new one. We’re here to act as your advocate and negotiate with participating creditors on your behalf. Some of the creditors we work with include:
Frequently Asked Questions About Debt Management Plans
Is a Debt Management Plan the Same as Debt Consolidation?
No. Debt consolidation typically involves borrowing money to combine existing debts under a new loan. A Debt Management Plan does not create new debt; it provides a structured way to repay eligible unsecured accounts through participating creditors.
Does Using the Debt Management Calculator Affect My Credit Score?
No. Completing the debt management program calculator does not change your credit score or trigger a credit check. It simply uses the debt information you enter to estimate potential DMP payments and savings. This information can help you decide whether a Debt Management Plan may be a good option for your situation.
How Much Can a Debt Management Plan Lower My Monthly Payment?
Monthly payment reductions vary by situation, but some clients may save as much as 50%. Your savings depend on several factors, including enrolled debts, interest rates, current payments, creditor participation, and repayment terms offered.
How Long Does a Debt Management Plan Take?
Most Debt Management Plans are designed to repay enrolled debts within three to five years. Your actual timeline depends on your balances, monthly payment, creditor terms, and whether you make each scheduled payment.
What Debts Can I Include in a Debt Management Plan?
You may be able to include credit card debt, unsecured personal loans, medical debt, certain collection accounts, and other qualifying unsecured debts. Not every account is eligible, and participating creditors may have different inclusion requirements.
Do I Have to Close My Credit Cards on a Debt Management Plan?
In most cases, credit card accounts enrolled in a Debt Management Plan are closed as part of the program. Requirements can vary by creditor, so your counselor can explain what will happen to each account before you enroll.
Is Debt Reduction Services a Nonprofit?
Yes. Debt Reduction Services is a 501(c)(3) nonprofit credit counseling organization. Our counselors help consumers review their finances, understand their options, and determine whether a Debt Management Plan or another repayment option is the best fit.
Is a Debt Management Plan the Same as Debt Settlement?
No. The key difference is how your debt is handled. A DMP focuses on making scheduled payments to participating creditors, while debt settlement seeks negotiated payoff agreements on individual accounts rather than managing them through one repayment program.
Additional Debt Relief Resources
About the Author
Eric has amassed extensive experience in the financial and credit counseling sector, dedicating numerous years to this industry. Presently, he serves as a certified credit counselor at Debt Reduction Services, leveraging his expertise to assist individuals in managing their debts effectively. Throughout his career, Eric has consistently exhibited his commitment to empowering consumers with the knowledge and tools necessary to navigate their financial challenges.
