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What is a debt management program?
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Are you dealing with high interest debt that only seems to grow with time? Are you looking for ways to get out of it? If so, you’re not alone. In fact, recent statistics from the Federal Reserve Bank of New York show that about one in five credit cards is maxed out and nearly 9% of Americans who owe money to credit card companies are delinquent. And, credit card debt may not be the only type of high interest debt you’re dealing with right now.
Though, high interest revolving debts may make you feel like you’ll be dealing with them forever, that doesn’t have to be the case. One way you may be able to get out of debt in a reasonable amount of time is with a debt management program. But, what exactly is a debt management program and how can it help you eliminate your high interest debt? Before getting started, it helps to understand the nuances of this unique program.
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What is a debt management program?
Debt management programs are a form of debt relief service that are designed to help you better manage your high interest debts – and pay them off as quickly as possible. While each servicer’s debt management program is unique, they typically follow the uniform steps to help their clients eliminate debt:
- Financial assessment: The first step to a debt management program is typically a financial assessment. During this assessment, an expert will ask you questions about your debt and overall financial picture to get a better understanding of how they can help.
- Negotiations: Next, skilled negotiators will typically reach out to your lenders in an effort to reduce your interest rates – effectively reducing the monthly and overall cost of your debt.
- Payment plan creation: Once your debt management provider completes negotiations, they’ll usually work with you to create a reasonable payment plan. The payment plan should get you out of debt as quickly as possible without stretching your budget too far.
- Payments: After agreeing to your payment plan, you’ll usually send a single monthly payment to your debt management provider. They’ll divide your overall payment into individual payments and send those individual payments to your lenders as agreed.
- Debt freedom: When you’ve made all your payments as part of your debt management plan, the plan will end and your debt will be behind you. Now, it’s time to adjust your spending habits to make sure you don’t have to deal with high interest debts in the future.
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Why a debt management program may be beneficial
There are several reasons a debt management program may be beneficial. Here are some of the most important:
- Guidance: It can be easy to build up significant balances on credit cards and other high interest accounts. But paying those accounts off can be difficult on your own. Debt management programs provide expert guidance through every step of the debt payoff process – helping you stay on track and effectively eliminate your debts.
- Time: It can take decades to pay high interest debt off on your own – especially if you’re only making minimum payments. However, when you work with a debt management program, you may be able to get out of debt in a few years.
- Savings: Debt management programs typically save their clients money in two ways: through interest negotiations and through the creation of effective payment plans. Depending on the size of your debt, and the interest rates you pay, you could save thousands of dollars in the payoff process with the help of a debt management program, especially when compared to making minimum payments on your own.
The bottom line
Debt management programs are a viable way to get out of debt. Not only do they provide expert guidance in how to deal with your high interest debts, they may be able to reduce your interest rates and save you meaningful amounts of time and money. Get in touch with a debt relief expert now to discuss your debt management options.
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Long before comic book characters dominated movie screens, actor Christopher Reeve made the world believes in superheroes with the 1978 classic “Superman.”
Reeve died in 2004, nearly a decade after an accident re-shaped his life. “Super/Man: The Christopher Reeve Story” is using interviews with family and friends and never-before-seen home videos to explore his real-life heroism.
Reeve started his career on the stage, studying at the prestigious Juilliard School and living with comedian Robin Williams. The pair had a friendship that was “more like a brotherhood,” said Reeve’s son Matthew. Reeve was in awe of Williams’ energy and versatility, Matthew Reeve said, but audiences quickly clued into Reeve’s own star power when he took on the role of the Man of Steel.
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To his children, though, he “was just dad,” Matthew Reeve said. The documentary explores how Matthew Reeve and his sister Alexandra Reeve Givens grew up watching their dad take the stage as Superman. “Super/Man” also reveals their heartbreak over their parents’ breakup and the joy they found when Reeve re-married. He tied the knot with Dana Reeve in 1992, and the pair welcomed another child, William Reeve, later that year.
“Dana was sunshine,” Alexandra Reeve Givens recalled. “She just brought joy with her wherever she was and could find it even in the darkest moments.”
Those dark moments came suddenly, when in 1995, a near-fatal horseback riding accident left Reeve paralyzed from the neck down. The documentary allows viewers to see, for the first time, what went on out of the public’s view. Reeve can be heard talking about how he “ruined (his) life and everybody else’s,” but in a touching moment, old friend Robin Williams is seen visiting him in the hospital.
“Robin showed him ‘Hey, you’re still you,'” Alexandra Reeve Givens said. “‘You still have this foundation of friendship and people around you, who adore you. And you’re going to find those fun moments in life again.'”
That support from friends and family re-ignited Reeve’s legacy of activism. He made appearances at the Democratic National Convention and the 68th Academy Awards in 1996, about a year after the accident. Matthew Reeve said watching his father address his industry peers at the Oscars was “one of (his) most proud moments.”
“It was just a production for him to get out of bed every morning, let alone get across the country and go out in public for the first time,” Matthew Reeve said. “It was a big deal. It was a big deal to him, but it was also a big deal to the entire disability community. We stayed up in London till like three in the morning to watch that live. It’s a fond memory.”
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Reeve also went on to launch what would become the Christopher and Dana Reeve Foundation, which is dedicated to advancing research into spiral cord injury and help individuals and families impacted by paralysis. It was his dad’s mission to find a cure, Matthew Reeve said, while his stepmother wanted to focus on improving the lives of paralyzed people and their families. The foundation and Reeve’s platform helped bring unprecedented attention and funding to spinal cord injury research.
Reeve even kept acting and realized his lifelong dream of directing with the 1997 HBO movie “In the Gloaming.” Reeve died in 2004 from heart failure at 52.
“There is a huge amount of great actors and actresses out there, where their filmography might be amazing and what they achieve on a cultural level might be amazing, but have they actually achieved anything really as a human that moves the needle for our society?” said filmmaker Ian Bonhote, who made the documentary with Peter Ettedgui. “And Chris has done both things.”
“Super/Man: The Christopher Reeve Story” will open in theaters on Friday, Oct. 11.
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